EX-99.1 2 v381196_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 April 1, 2014 through April 30, 2014

 

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/ Ian T. Blackley   June 13, 2014
Ian T. Blackley   Date
Senior 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. The statements contained herein (including estimates) other than historical data and information constitute forward-looking statements. These statements involve risks, assumptions and uncertainties that could cause the Debtors’ actual results to differ materially from those stated or implied by such forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements after the date of this Monthly Operating Report.

 

Monthly Operating Report

April 1, 2014 through April 30, 2014

 

  Page 1 of 182
 

 

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. Unless otherwise noted, all amounts are in thousands.

 

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

April 1, 2014 through April 30, 2014

 

  Page 2 of 182
 

 

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. The financial statements do not reflect the Company’s potential termination cost of the OSG Ship Management (UK) Ltd. single employer pension plan or multi-employer pension plans should the plans be terminated on a full buy-out basis. The single employer plan termination liability is estimated to be approximately $32.6 million based on current interest rates, and the current estimated underfunding of the plan is estimated to be approximately $11.2 million as of December 31, 2013. The multi-employer pension plans approximate a solvency deficit estimated to be approximately $14.9 million as of March 31, 2011.

 

On February 11, 2013, the Internal Revenue Service (the “IRS”) filed a proof of claim, claim number 82, in the Overseas Shipholding Group, Inc. (“OSG”) bankruptcy case (Case 12-20000-PJW) in the aggregate liquidated amount of $463,013,177.63 that the Company believes was in respect of the tax effects of the cumulative potential deemed dividends, including interest to the Petition Date, asserting priority treatment under Bankruptcy Code section 507(a)(8). On January 21, 2014, the IRS filed with the Bankruptcy Court-appointed claims agent claim number 1658, an amended proof of claim (the “Second Amended Proof of Claim”), a priority claim against OSG for corporate income tax and interest for the years 2004, 2005, 2009, 2010 and 2011, in the amount of $255,760,439.22. The Second Amended Proof of Claim amends claim 1654, in the amount of $264,277,962.29 filed by the IRS on December 19, 2013 (the “Amended Proof of Claim”), which amended claim number 82, in the amount of $463,013,177.63. More information regarding the Amended Proof of Claim is available in the Company’s Current Report on Form 8-K dated December 19, 2013.

 

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 C. 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, for the year ended December 31, 2013 were reflected in December 2013.

 

Monthly Operating Report

April 1, 2014 through April 30, 2014

 

  Page 3 of 182
 

 

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 Company cannot provide assurance relating to the value of the claims that will ultimately be allowed by the Bankruptcy Court. 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, determination 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. Included within liabilities subject to compromise as of April 30, 2014 are the estimations of potential claims that may be allowed with respect to vessels that had been chartered-in by the Debtors or with respect to nonresidential leases for commercial office space by the Debtors to the extent that such leases were rejected by the Debtors, and the Debtors ceased performing under the charters prior to April 30, 2014.

 

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. The net book values of the Company’s assets as of April 30, 2014 reflect impairment charges taken on goodwill and intangible assets and fifteen of the Company’s vessels in conjunction with held-for-use impairment testing performed by the Company during the preparation of its consolidated financial statements for the period ended December 31, 2013 under U.S. GAAP. The net book values as of the end of the month are subject to future adjustment for possible impairment based on conditions that existed as of the end of the reporting period. 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

April 1, 2014 through April 30, 2014

 

  Page 4 of 182
 

 

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)

 

Costs Associated with Exit or Disposal Activities – On January 13, 2014, the Company announced that certain subsidiaries of OSG that own or charter-in 33 vessels (which was subsequently increased to 48 vessels) in OSG’s International Flag fleet (“Core International Flag Fleet”) intend to outsource certain management services, including, but not limited to, the technical management, certain aspects of commercial management and crew management of the Core International Flag Fleet to V. Ships UK Limited. OSG expects to incur approximately $34,000 in total expenses related to the transition to the outsourcing arrangement. Of this estimated $34,000 amount, approximately $21,000 is expected to be related to employee transition and termination benefits and similar transition and termination costs, and is being accrued over the remaining service periods commencing in February 2014. Approximately $13,000 is expected to be related to set-up, wind-down and transitions costs. The estimates contained herein are subject to uncertainty. The financial statements contained in this Monthly Operating Report therefore do not reflect all of these costs.

 

Plan of Reorganization – As previously reported, on February 12, 2014, the Debtors and certain of the lenders (the “Consenting Lenders”) under the Company’s $1.5 billion credit agreement, dated as of February 9, 2006, entered into a plan support agreement (as amended, the “Plan Support Agreement”), and on February 28, 2014, the Debtors and the Consenting Lenders entered into an Equity Commitment Agreement (the “Lender ECA”). On March 7, 2014, the Debtors filed a plan of reorganization supported by the Consenting Lenders with the Bankruptcy Court (the “Lender Plan”). The Debtors retained the ability to terminate the Plan Support Agreement upon a determination by the Debtors that an alternative plan of reorganization was more favorable to the Debtors’ creditors and interest holders than the Lender Plan, upon which the Lender ECA terminates automatically pursuant to the April 4, 2014 order of the Bankruptcy Court authorizing the Debtors to enter into the Lender ECA.

 

On April 18, 2014, the Debtors received a proposal for an alternative plan of reorganization from certain holders of existing equity interests of the Company (each such holder of equity, a “Commitment Party”).

 

In April 2014, the Debtors selected Goldman Sachs Bank USA (“Goldman Sachs”) to provide exit financing to support the Lender Plan, and filed a motion seeking authorization to enter into an exit financing commitment with Goldman Sachs. That commitment contemplated loans and facilities totaling in aggregate $935 million. Shortly after Goldman Sachs’ motion was filed, however, the Debtors received alternative exit financing proposals from three additional exit financing lenders designed to support the Equity Plan (as defined below), including from Jefferies Finance LLC (“Jefferies”).

 

Monthly Operating Report

April 1, 2014 through April 30, 2014

 

  Page 5 of 182
 

 

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)

 

Subsequent Events

 

Plan of Reorganization and Disclosure Statement

 

Following discussion and analysis, the Debtors determined that the proposal received on April 18, 2014 (as described below, the “Equity Proposal”) to be more favorable to the Debtors’ creditors and interest holders than the Lender Plan. Accordingly, the Debtors terminated the Plan Support Agreement between the Debtors and the Consenting Lenders on May 2, 2014 and filed with the Bankruptcy Court a plan of reorganization that effectuates the terms of the Equity Proposal (the “Equity Plan”), together with a disclosure statement describing such Equity Proposal (the “Disclosure Statement”). In conjunction with the filing of the motion for approval of the Equity Plan and of the Exit Financing (as defined below), the Debtors exercised their right to terminate the Goldman Sachs exit financing commitment, because of the Debtors’ decision to support the Equity Plan.

 

On May 21, 2014, the Debtors filed with the Bankruptcy Court an amendment to the Equity Plan and Disclosure Statement (the “Amended Equity Plan” and “Amended Disclosure Statement”, respectively). The Amended Equity Plan reflects the resolution of disputes with three separate creditor constituents.

 

On May 20, 2014, the Debtors and court-appointed lead plaintiffs in the consolidated securities class action styled In re OSG Securities Litigation (“Lead Plaintiffs”), pending in the United States District Court for the Southern District of New York (the “District Court”), entered into a stipulation (the “Securities Class Stipulation”) providing for settlement and resolution of Lead Plaintiffs’ claims against the Debtors pursuant to the Amended Equity Plan. Pursuant to the Securities Class Stipulation, the Debtors have agreed to provide in the Amended Equity Plan for allowance of the Lead Plaintiffs’ claims, on behalf of a class of persons who, between October 29, 2007 and October 19, 2012, purchased (i) 8.125% Senior Notes due 2018 issued or traceable to the $300 million public offering on or about March 24, 2010 or (ii) OSG common stock (together, the “Putative Class”). Such claims will be allowed, in full, final and complete settlement of any claims Lead Plaintiffs or members of the Putative Class have or could have asserted against the Debtors through the following distributions: (i) $7 million in cash, payable by the Debtors on the initial distribution date for the Amended Equity Plan; (ii) 15% of the Net Proceeds of the Debtors’ professional liability action against Proskauer Rose LLP and certain individual defendants (as defined in the Securities Class Stipulation, the “Professional Liability Action”); (iii) $5 million in cash, payable by Reorganized OSG (as defined in the Amended Equity Plan) upon resolution of the Professional Liability Action; (iv) $3 million in cash, payable by Reorganized OSG on the first anniversary of the effective date of the Amended Equity Plan; (v) proceeds of any of the Debtors’ residual interests in certain director and officer insurance policies; and (vi) any remaining cash in a $2 million reserve, after accounting for satisfaction or resolution of other subordinated claims (collectively, the “Settlement Consideration”). The Debtors will seek approval of the settlement, and certification of the Putative Class for settlement purposes, in connection with confirmation of the Amended Equity Plan. The Securities Class Stipulation will resolve only the Lead Plaintiffs’ and Putative Class members’ claims against the Debtors. The Lead Plaintiffs’ claims pending in the District Court against certain of the Debtors’ current and former officers, auditors and underwriters are unaffected. The Securities Class Stipulation provides for Lead Plaintiffs’ agreement to support and vote in favor of the Amended Equity Plan. Allocation and distribution to members of the Putative Class, as well as approval of legal fees and reimbursement of expenses to counsel for Lead Plaintiffs, will be resolved by the District Court, subject to approval by the Bankruptcy Court.

 

Monthly Operating Report

April 1, 2014 through April 30, 2014

 

  Page 6 of 182
 

 

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)

 

On April 23, 2014, the Debtors received notices from the lenders under their pre-petition secured loan facilities, the Export-Import Bank of China (“CEXIM”) and Danish Ship Finance (“DSF”), that CEXIM and DSF intended to object to the then current plan of reorganization on the basis, among other things, that it did not provide for payment of 2% contractual default interest as provided under their respective loan agreements. On May 21, 2014, the Debtors entered into stipulations (the “CEXIM and DSF Stipulations”) with CEXIM and DSF providing for settlement and resolution of all potential objections of CEXIM and DSF to the Amended Equity Plan. Pursuant to the CEXIM and DSF Stipulations, the Debtors have agreed to provide in the Amended Equity Plan for allowance of default interest on the principal amount outstanding under the CEXIM and DSF facilities at the rate of 1% per annum from the Petition Date. The Debtors will seek approval of the settlement in connection with the confirmation of the Amended Equity Plan. The CEXIM and DSF Stipulations provide for CEXIM and DSF’s agreement to support and vote in factor of the Amended Equity Plan.

 

On May 26, 2014 the Debtors filed with the Bankruptcy Court a further amendment to the Equity Plan and Disclosure Statement (the “Amended Equity Plan” and “Amended Disclosure Statement,” respectively).

 

 Pursuant to the Amended Equity Plan, each holder of the Company’s 7.5% Senior Notes due 2024 (the “7.5% 2024 Notes”) will have its 7.5% 2024 Notes reinstated and will receive a cash payment equal to the amount of unpaid and overdue interest, unless such holder elects to receive an alternative distribution (the “Alternative Distribution”) of new notes (the “Election Notes”) and cash instead. The Election Notes will be due February 15, 2021 and will otherwise have the same terms as the 7.5% 2024 Notes. Each holder that elects to receive the Alternative Distribution will receive Election Notes with a principal amount equal to that of the 7.5% 2024 Notes currently owned by that holder, together with a cash payment equal to 1.0% of the principal amount of the 7.5% 2024 Notes held by such holder and a cash payment equal to the amount of unpaid and overdue interest that would have been owed under the 7.5% 2024 Notes if they were reinstated (together with any interest that has accrued but is not due for payment as of the effective date of the Amended Equity Plan calculated at the applicable contract rate or default rate).

 

On May 27, 2014, following the resolution by the Bankruptcy Court of certain objections raised by the official committee of equity security holders appointed by the United States Trustee, the Amended Disclosure Statement was approved in an order by the Bankruptcy Court (the “Disclosure Statement Order”). Pursuant to such approval, the Debtors will solicit acceptances of the Amended Equity Plan, and seek its confirmation by the Bankruptcy Court in accordance with the Disclosure Statement Order. Among other things, the Disclosure Statement Order:

Monthly Operating Report

April 1, 2014 through April 30, 2014

 

  Page 7 of 182
 

 

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)

 

 ·sets a record date of June 6, 2014 for voting on the Amended Equity Plan and for the distribution of subscription rights in the Rights Offering (the “Voting Record Date”);

 

·sets a deadline of 5:00 p.m. (Prevailing Eastern Time) on July 7, 2014 for the receipt by Kurtzman Carson Consultants LLC of ballots accepting or rejecting the Amended Equity Plan;

 

·sets a deadline of 5:00 p.m. (Prevailing Eastern Time) on July 7, 2014 for the exercise of subscription rights in the Rights Offering;

 

·sets a deadline of 4:00 p.m. (Prevailing Eastern Time) on July 11, 2014 for filing of any objections to the confirmation of the Amended Equity Plan; and

 

·schedules the hearing for the confirmation of the Amended Equity Plan for 9:30 a.m. (Prevailing Eastern Time) on July 18, 2014.

 

Pursuant to the Disclosure Statement Order, the Debtors suspended trading of the Company’s common stock and beneficial interests therein in the over-the-counter market on June 3, 2014 at 5:00 p.m. (Prevailing Eastern Time) in order to ensure that all trades in those securities will be able to settle (on a T+3 basis) no later than the June 6, 2014 Voting Record Date. In addition, the subscription rights issued pursuant to the Rights Offering will not be transferrable, and any purported transfer will cause such subscription rights to become void.

 

The Amended Equity Plan and Amended Disclosure Statement are available electronically, on the internet website of the claims agent Kurtzman Carson Consultants, LLC at http://www.kccllc.net/osg.

 

Exit Financing

 

On May 2, 2014, Jefferies executed commitment documents whereby Jefferies agreed to provide secured debt financing to support the Equity Plan, consisting of a term loan of approximately $600 million secured by a first lien on substantially all the Debtors’ U.S. Flag assets other than certain specified assets and a second lien on these specified assets, a term loan of approximately $600 million secured by a first lien on substantially all the Debtors’ International Flag assets, which lien is pari passu to the lien securing the revolving facility below, an asset-based revolving loan facility of approximately $75 million secured by a first lien on certain specified U.S. Flag assets of the Debtors and a second lien on substantially all the Debtors’ U.S. Flag assets and a revolving loan facility of approximately $75 million secured by a pari passu first lien on substantially all the Debtors’ International Flag assets (the “Exit Financing”) that, collectively, will provide the Debtors with the funding necessary to satisfy the Equity Plan’s cash payment obligations, the expenses associated with closing the Exit Financing facilities and working capital to fund their operations after emergence from Chapter 11.

 

Monthly Operating Report

April 1, 2014 through April 30, 2014

 

  Page 8 of 182
 

 

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 commitment letter entered into in connection with the Exit Financing was approved by the Bankruptcy Court on May 27, 2014. The full terms of the Exit Financing are subject to approval by the Bankruptcy Court.

 

Equity Commitment Agreement

 

On May 2, 2014, the Debtors entered into an equity commitment agreement with each Commitment Party (the “Equity Commitment Agreement”), which sets forth the terms of a rights offering (the “Rights Offering”) and additional sale of Holdback Securities (as defined below) for an aggregate offering amount of $1.5 billion, each relating to two separate classes of common stock (the “Class A shares” and the “Class B shares”, and collectively the “New Shares”) and penny warrants to purchase Class A shares and Class B shares (respectively “Class A warrants” and “Class B warrants”, and, together with the New Shares, the “Rights Offering Securities”) pursuant to subscription rights (each such right, a “Subscription Right”) to be distributed to holders of outstanding equity of the Company. One Subscription Right will be distributed in respect of each outstanding share of OSG common stock (each such share, an “Existing Share”) to the holder of record of such Existing Share as of a record date established by the Bankruptcy Court in its order approving the disclosure statement (the “Record Date”). The Equity Plan contemplated that the Record Date would be June 2, 2014. Subscription Rights would be distributed only to holders of record of Existing Shares outstanding as of 5:00 p.m. (New York Time) on the Record Date. From and after the last date which allows a Purchaser to become a holder of record on the June 2, 2014 Record Date (which date is May 28, 2014), OSG would halt all trading of the Existing Shares and intends to seek the removal of OSG’s trading symbol in respect of the Existing Shares from the over-the-counter “pink sheet” market. From and following the May 28, 2014, any purported transfers of Existing Shares would be disregarded by the Company. In addition, the Subscription Rights will not be transferrable, and any purported transfer will cause them to become void.

 

Each Subscription Right would entitle a holder thereof that is an accredited investor or a qualified institutional buyer (“QIB”) (as such terms are defined in Regulation D and Rule 144A, respectively, under the Securities Act of 1933) and that votes in favor, is deemed to vote in favor, to the extent eligible to vote, and does not file an objection to the Equity Plan (each, an “Eligible Holder”) to purchase 11.5 Class A shares or Class A warrants, as described in the Equity Plan, for $3.00 per security. Each Eligible Holder that timely elects to participate in the Rights Offering (each, a “Participating Eligible Holder”) may exercise some, all or none of the Subscription Rights it receives, but each Subscription Right may be exercised only in whole, and not in part.

Monthly Operating Report

April 1, 2014 through April 30, 2014

 

  Page 9 of 182
 

 

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)

 

All holders of Existing Shares of the Company as of the Record Date that are not Participating Eligible Holders (which will include (i) any holder of Existing Shares on the Record Date that is neither an accredited investor nor a QIB (an “Ineligible Holder”), and (ii) any Eligible Holder that decides for any reason not to participate in the Rights Offering) will receive, as described in the Equity Plan, one new Class B share or Class B warrant in respect of each Subscription Right distributed in respect of each Existing Share held of record by such holder on the Record Date. The Class B shares and Class B warrants will have rights consistent with those of the Class A shares and Class A warrants, respectively, but holders of the Class B shares and Class B warrants will also have the future right to receive a pro rata share of up to ten percent of the net recoveries of the Company’s claims asserted against Proskauer Rose LLP and certain of its members (as described in the Equity Plan). The Class B shares and the Class B warrants are convertible, at the option of the holder at any time, into Class A shares and Class A warrants, respectively, and will automatically convert into Class A shares and Class A warrants, respectively, on the tenth business day after the entry of a final order with respect to such litigation and the distribution of any Net Litigation Recovery (as defined in the Equity Commitment Agreement) to the holders of Class B shares and Class B warrants, subject in each such case to certain customary anti-dilution provisions and Jones Act requirements (which refers to 46 U.S.C. Section 12103, 46 U.S.C. Section 50501, and related statutes and regulations respecting the United States coastwise trade, as the same may be amended from time to time).

 

 Each Commitment Party has agreed in the Equity Commitment Agreement to exercise its Subscription Rights in full; to backstop a portion of any remaining securities related to unexercised Subscription Rights following completion of the Rights Offering (the “Backstop Securities”); and to purchase a portion of a further additional number of Class A shares and/or Class A warrants (the “Holdback Securities”) offered by OSG to such Commitment Party.

 

 If the transactions contemplated by the Equity Commitment Agreement are consummated, following confirmation by the Bankruptcy Court and occurrence of the effective date of the Equity Plan, the Debtors will use the proceeds of the sale of the Rights Offering Securities and the Holdback Securities to satisfy certain of their obligations as described in the Equity Plan.

 

Monthly Operating Report

April 1, 2014 through April 30, 2014

 

  Page 10 of 182
 

 

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)

 

On May 20, 2014, the Debtors and each of the Commitment Parties entered into an amendment to the Equity Commitment Agreement (the “Equity Commitment Agreement Amendment”). The Equity Commitment Agreement Amendment increased the amount to be raised by the Company through the rights offering contemplated by the Equity Commitment Agreement (the “Rights Offering”) from $1.500 billion to $1.505 billion, pursuant to the issuance of additional Subscription Rights. The Rights Offering will be back-stopped by each Commitment Party or its designee on a several but not joint basis. The Equity Commitment Agreement also increased the number of Class A shares or Class A warrants that can be purchased for each share held of OSG common stock upon exercise of each Subscription Right by certain holders thereof, from 11.5 Class A shares or Class A warrants to 12 Class A shares or Class A warrants. The Equity Commitment Agreement, as amended, remained subject to the approval of the Bankruptcy Court.

 

On May 26, 2014, the Debtors and each of the Commitment Parties entered into a second amendment to the Equity Commitment Agreement (the “Second Equity Commitment Agreement Amendment”). The Second Equity Commitment Agreement Amendment increased the amount to be raised by the Company through the Rights Offering contemplated by the Equity Commitment Agreement from $1.505 billion to $1.510 billion, pursuant to the issuance of additional subscription rights. In addition, the Second Equity Commitment Agreement Amendment joined certain additional parties to the Equity Commitment Agreement as Commitment Parties. Certain of those additional parties were holders of the 7.5% 2024 Notes and had previously filed objections to the Debtors’ proposed Amended Disclosure Statement and expressed an intention to oppose confirmation of the Debtors’ Amended Equity Plan. Pursuant to the terms of the Second Equity Commitment Agreement Amendment, those parties are now obligated to support and vote in favor of the Amended Equity Plan and have withdrawn their previously-filed objections. The Rights Offering will be back-stopped by each Commitment Party or its designee on a several but not joint basis, and each Commitment Party has agreed to purchase a portion of a further additional number of shares of Class A common stock and/or penny warrants to purchase shares of Class A common stock offered by OSG to such Commitment Party. The Equity Commitment Agreement, as amended, was approved by the Bankruptcy Court on May 27, 2014 and is available electronically, on the internet website of the claims agent Kurtzman Carson Consultants, LLC at http://www.kccllc.net/osg.

 

 Registration Rights Agreement

 

On May 2, 2014, the Debtors entered into a registration rights agreement with each Commitment Party (the “Registration Rights Agreement”) setting forth, among other things, registration rights of each Commitment Party and, potentially, certain other holders of Class A shares and Class A warrants. Pursuant to the Registration Rights Agreement, subject to approval by the Bankruptcy Court, OSG will be required to register, on a registration statement to be filed with the Securities and Exchange Commission, the resale of certain Class A shares and Class A warrants for the benefit of the Commitment Parties and potentially certain other shareholders.

 

Monthly Operating Report

April 1, 2014 through April 30, 2014

 

  Page 11 of 182
 

 

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)

 

On May 26, 2014, the Debtors and each of the Commitment Parties entered into an amendment to the Registration Rights Agreement (the “Registration Rights Agreement Amendment”). The Registration Rights Agreement Amendment joined certain additional parties to the Registration Rights Agreement as Commitment Parties which have certain registration rights. The Registration Rights Agreement, as amended, was approved by the Bankruptcy Court on May 27, 2014 and is available electronically, on the internet website of the claims agent Kurtzman Carson Consultants, LLC at http://www.kccllc.net/osg.

 

Monthly Operating Report

April 1, 2014 through April 30, 2014

 

  Page 12 of 182
 

  

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 Consolidated Statement of Cash Receipts and Disbursements

For the Period April 1, 2014 through April 30, 2014

(in thousands of dollars)

 

Beginning Cash Balance   638,677 
      
Cash Receipts:     
Vessel Related Receipts   91,321 
Other Receipts1   9,357 
Total Receipts   100,678 
      
Cash Disbursements:     
Vessel Related Disbursements2   65,003 
General and Administrative:     
Compensation & Benefits   5,813 
Other General & Administrative   2,609 
Taxes   500 
Restructuring Costs and Adequate Protection Payments   14,351 
U.S. Trustee Fees   734 
Other Disbursements   146 
Total Disbursements   89,156 
      
Ending Cash Balance3   650,199 

 

1 Other Receipts includes items such as distributions from joint ventures, reimbursements from joint ventures for expenses paid on their behalf, pool commissions, insurance claim receipts and other miscellaneous refunds and receipts.

2 Includes expenses paid on behalf of joint ventures.

3 Includes approximately $38 million of cash restricted under secured debt facilities, but excludes approximately $10 million of additional restricted cash included in other current assets in the unaudited condensed consolidated balance sheets.

 

Monthly Operating Report

April 1, 2014 through April 30, 2014

 

  Page 13 of 182
 

 

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 April 1, 2014 through April 30, 2014

 

   Filing Entities:  Case #  Total Disbursements 
1  Overseas Shipholding Group, Inc.  12-20000  $2,785,130 
2  OSG International, Inc.  12-20001   3,380,389 
3  OSG Bulk Ships, Inc.  12-20002   1,729,678 
4  1372 Tanker Corporation  12-20003   3,316,885 
5  Africa Tanker Corporation  12-20004   245,202 
6  Alcesmar Limited  12-20005   262,240 
7  Alcmar Limited  12-20006   292,805 
8  Alpha Suezmax Corporation  12-20007   24,745 
9  Alpha Tanker Corporation  12-20008   327 
10  Amalia Product Corporation  12-20009   228,670 
11  Ambermar Product Carrier Corporation  12-20010   1,322,206 
12  Ambermar Tanker Corporation  12-20011   1,252 
13  Andromar Limited  12-20012   804,996 
14  Antigmar Limited  12-20013   212,843 
15  Aqua Tanker Corporation  12-20014   5,391 
16  Aquarius Tanker Corporation  12-20015   21,310 
17  Ariadmar Limited  12-20016   201,619 
18  Aspro Tanker Corporation  12-20017   1,480 
19  Atalmar Limited  12-20018   796,626 
20  Athens Product Tanker Corporation  12-20019   1,067,168 
21  Atlas Chartering Corporation  12-20020   24,736 
22  Aurora Shipping Corporation  12-20021   281,490 
23  Avila Tanker Corporation  12-20022   1,201 
24  Batangas Tanker Corporation  12-20023   502,282 
25  Beta Aframax Corporation  12-20024   38,352 

 

 

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. Additionally, bankruptcy related professional fees paid by Overseas Shipholding Group, Inc. have been allocated on a pro rata basis to all debtors based on the sum of the absolute value of each debtor’s total assets and liabilities based on their balance sheet as of the last day of the prior month. All allocations are subject to certain assumptions and uncertainties and such allocations are not recorded in the debtors’ books and records.

 

Monthly Operating Report

April 1, 2014 through April 30, 2014

 

  Page 14 of 182
 

  

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 April 1, 2014 through April 30, 2014

 

   Filing Entities:  Case #  Total Disbursements 
26  Brooklyn Product Tanker Corporation  12-20025   36,226 
27  Cabo Hellas Limited  12-20026   273,620 
28  Cabo Sounion Limited  12-20027   263,997 
29  Caribbean Tanker Corporation  12-20028   717,446 
30  Carina Tanker Corporation  12-20029   23,691 
31  Carl Product Corporation  12-20030   227,517 
32  Concept Tanker Corporation  12-20031   379,009 
33  Crown Tanker Corporation  12-20032   304 
34  Delphina Tanker Corporation  12-20033   - 
35  Delta Aframax Corporation  12-20034   1,191,355 
36  DHT Ania Aframax Corp.  12-20035   1,379 
37  DHT Ann VLCC Corp.  12-20036   29,138 
38  DHT Cathy Aframax Corp.  12-20037   16,233 
39  DHT Chris VLCC Corp.  12-20038   24,608 
40  DHT Rebecca Aframax Corp.  12-20039   1,694 
41  DHT Regal Unity VLCC Corp.  12-20040   13,816 
42  DHT Sophie Aframax Corp.  12-20041   10,785 
43  Dignity Chartering Corporation  12-20042   31,418 
44  Edindun Shipping Corporation  12-20043   - 
45  Eighth Aframax Tanker Corporation  12-20044   269,793 
46  Epsilon Aframax Corporation  12-20045   376,496 
47  First Chemical Carrier Corporation  12-20046   6,712 
48  First LPG Tanker Corporation  12-20047   6,399 
49  First Union Tanker Corporation  12-20048   357,218 
50  Fourth Aframax Tanker Corporation  12-20049   24,074 

 

 

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. Additionally, bankruptcy related professional fees paid by Overseas Shipholding Group, Inc. have been allocated on a pro rata basis to all debtors based on the sum of the absolute value of each debtor’s total assets and liabilities based on their balance sheet as of the last day of the prior month. All allocations are subject to certain assumptions and uncertainties and such allocations are not recorded in the debtors’ books and records.

 

Monthly Operating Report

April 1, 2014 through April 30, 2014

 

  Page 15 of 182
 

  

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 April 1, 2014 through April 30, 2014

 

   Filing Entities:  Case #  Total Disbursements 
51  Front President Inc.  12-20050   289,883 
52  Goldmar Limited  12-20051   458,620 
53  GPC Aframax Corporation  12-20052   56,721 
54  Grace Chartering Corporation  12-20053   8,575 
55  International Seaways, Inc.  12-20054   2,369,889 
56  Jademar Limited  12-20055   330,538 
57  Joyce Car Carrier Corporation  12-20056   15,019 
58  Juneau Tanker Corporation  12-20057   8,265 
59  Kimolos Tanker Corporation  12-20058   605,647 
60  Kythnos Chartering Corporation  12-20059   699,256 
61  Leo Tanker Corporation  12-20060   22,647 
62  Leyte Product Tanker Corporation  12-20061   283,801 
63  Limar Charter Corporation  12-20062   19,255 
64  Luxmar Product Tanker Corporation  12-20063   870,922 
65  Luxmar Tanker LLC  12-20064   40,589 
66  Majestic Tankers Corporation  12-20065   580,957 
67  Maple Tanker Corporation  12-20066   337,741 
68  Maremar Product Tanker Corporation  12-20067   54 
69  Maremar Tanker LLC  12-20068   59,721 
70  Marilyn Vessel Corporation  12-20069   432 
71  Maritrans General Partner Inc.  12-20070   - 
72  Maritrans Operating Company L.P.  12-20071   24,321 
73  Milos Product Tanker Corporation  12-20072   958,941 
74  Mindanao Tanker Corporation  12-20073   55,747 
75  Mykonos Tanker LLC  12-20074   1,126,640 

 

 

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. Additionally, bankruptcy related professional fees paid by Overseas Shipholding Group, Inc. have been allocated on a pro rata basis to all debtors based on the sum of the absolute value of each debtor’s total assets and liabilities based on their balance sheet as of the last day of the prior month. All allocations are subject to certain assumptions and uncertainties and such allocations are not recorded in the debtors’ books and records.

 

Monthly Operating Report

April 1, 2014 through April 30, 2014

 

  Page 16 of 182
 

 

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 April 1, 2014 through April 30, 2014

 

   Filing Entities:  Case #  Total Disbursements 
76  Nedimar Charter Corporation  12-20075   19,976 
77  Oak Tanker Corporation  12-20076   232,311 
78  Ocean Bulk Ships, Inc.  12-20077   7 
79  Oceania Tanker Corporation  12-20078   108,765 
80  OSG 192 LLC  12-20079   45,007 
81  OSG 209 LLC  12-20080   63,562 
82  OSG 214 LLC  12-20081   105,294 
83  OSG 215 Corporation  12-20082   112 
84  OSG 242 LLC  12-20083   75,268 
85  OSG 243 LLC  12-20084   60,726 
86  OSG 244 LLC  12-20085   39,907 
87  OSG 252 LLC  12-20086   258,725 
88  OSG 254 LLC  12-20087   58,460 
89  OSG 300 LLC  12-20088   38 
90  OSG 400 LLC  12-20089   13,372 
91  OSG America L.P.  12-20090   36 
92  OSG America LLC  12-20091   208 
93  OSG America Operating Company LLC  12-20092   1,252,385 
94  OSG Car Carriers, Inc.  12-20093   6,251 
95  OSG Clean Products International, Inc.  12-20094   45 
96  OSG Columbia LLC  12-20095   213,627 
97  OSG Constitution LLC  12-20096   2,563 
98  OSG Courageous LLC  12-20097   223,076 
99  OSG Delaware Bay Lightering LLC  12-20098   2,295,632 
100  OSG Discovery LLC  12-20099   1,231 

 

 

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. Additionally, bankruptcy related professional fees paid by Overseas Shipholding Group, Inc. have been allocated on a pro rata basis to all debtors based on the sum of the absolute value of each debtor’s total assets and liabilities based on their balance sheet as of the last day of the prior month. All allocations are subject to certain assumptions and uncertainties and such allocations are not recorded in the debtors’ books and records.

 

Monthly Operating Report

April 1, 2014 through April 30, 2014

 

  Page 17 of 182
 

  

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 April 1, 2014 through April 30, 2014

 

   Filing Entities:  Case #  Total Disbursements 
101  OSG Endeavor LLC  12-20100   224 
102  OSG Endurance LLC  12-20101   216,867 
103  OSG Enterprise LLC  12-20102   262,688 
104  OSG Financial Corp.  12-20103   9,197 
105  OSG Freedom LLC  12-20104   1,547 
106  OSG Honour LLC  12-20105   220,771 
107  OSG Independence LLC  12-20106   232,206 
108  OSG Intrepid LLC  12-20107   185,744 
109  OSG Liberty LLC  12-20108   9,202 
110  OSG Lightering LLC  12-20109   8,282,658 
111  OSG Lightering Acquisition Corporation  12-20110   1,813 
112  OSG Lightering Solutions LLC  12-20111   2,403 
113  OSG Mariner LLC  12-20112   224 
114  OSG Maritrans Parent LLC  12-20113   101,871 
115  OSG Navigator LLC  12-20114   258,428 
116  OSG New York, Inc.  12-20115   455,355 
117  OSG Product Tankers AVTC, LLC  12-20116   45 
118  OSG Product Tankers Member LLC  12-20117   - 
119  OSG Product Tankers II, LLC  12-20118   4 
120  OSG Product Tankers I, LLC  12-20119   4 
121  OSG Product Tankers, LLC  12-20120   7 
122  OSG Quest LLC  12-20121   140 
123  OSG Seafarer LLC  12-20122   621 
124  OSG Ship Management, Inc.  12-20123   4,248,927 
125  OSG Valour LLC  12-20124   1,015 

 

 

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. Additionally, bankruptcy related professional fees paid by Overseas Shipholding Group, Inc. have been allocated on a pro rata basis to all debtors based on the sum of the absolute value of each debtor’s total assets and liabilities based on their balance sheet as of the last day of the prior month. All allocations are subject to certain assumptions and uncertainties and such allocations are not recorded in the debtors’ books and records.

 

Monthly Operating Report

April 1, 2014 through April 30, 2014

 

  Page 18 of 182
 

 

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 April 1, 2014 through April 30, 2014

 

   Filing Entities:  Case #  Total Disbursements 
126  Overseas Allegiance Corporation  12-20125   2 
127  Overseas Anacortes LLC  12-20126   1,312,421 
128  Overseas Boston LLC  12-20127   1,573,815 
129  Overseas Diligence LLC  12-20128   362 
130  Overseas Galena Bay LLC  12-20129   2,407 
131  Overseas Houston LLC  12-20130   1,262,613 
132  Overseas Integrity LLC  12-20131   971 
133  Overseas Long Beach LLC  12-20132   1,227,433 
134  Overseas Los Angeles LLC  12-20133   1,152,781 
135  Overseas Martinez LLC  12-20134   1,250,066 
136  Overseas New Orleans LLC  12-20135   1,995 
137  Overseas New York LLC  12-20136   1,156,580 
138  Overseas Nikiski LLC  12-20137   1,841,550 
139  Overseas Perseverance Corporation  12-20138   345 
140  Overseas Philadelphia LLC  12-20139   822 
141  Overseas Puget Sound LLC  12-20140   7,758 
142  Overseas Sea Swift Corporation  12-20141   7 
143  Overseas Shipping (GR) Ltd.  12-20142   527,117 
144  Overseas ST Holding LLC  12-20143   1,264,439 
145  Overseas Tampa LLC  12-20144   1,466,285 
146  Overseas Texas City LLC  12-20145   1,196,315 
147  Pearlmar Limited  12-20146   326,317 
148  Petromar Limited  12-20147   687,863 
149  Pisces Tanker Corporation  12-20148   23,738 
150  Polaris Tanker Corporation  12-20149   24,084 

 

 

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. Additionally, bankruptcy related professional fees paid by Overseas Shipholding Group, Inc. have been allocated on a pro rata basis to all debtors based on the sum of the absolute value of each debtor’s total assets and liabilities based on their balance sheet as of the last day of the prior month. All allocations are subject to certain assumptions and uncertainties and such allocations are not recorded in the debtors’ books and records.

 

Monthly Operating Report

April 1, 2014 through April 30, 2014

 

  Page 19 of 182
 

  

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 April 1, 2014 through April 30, 2014

 

   Filing Entities:  Case #  Total Disbursements 
151  Queens Product Tanker Corporation  12-20150   56,806 
152  Reymar Limited  12-20151   569,282 
153  Rich Tanker Corporation  12-20152   563,586 
154  Rimar Chartering Corporation  12-20153   57,309 
155  Rosalyn Tanker Corporation  12-20154   225,674 
156  Rosemar Limited  12-20155   319,393 
157  Rubymar Limited  12-20156   48,983 
158  Sakura Transport Corp.  12-20157   608,393 
159  Samar Product Tanker Corporation  12-20158   221,782 
160  Santorini Tanker LLC  12-20159   618,604 
161  Serifos Tanker Corporation  12-20160   743,464 
162  Seventh Aframax Tanker Corporation  12-20161   336,961 
163  Shirley Tanker SRL  12-20162   318,905 
164  Sifnos Tanker Corporation  12-20163   364,365 
165  Silvermar Limited  12-20164   204,626 
166  Sixth Aframax Tanker Corporation  12-20165   280,504 
167  Skopelos Product Tanker Corporation  12-20166   866,111 
168  Star Chartering Corporation  12-20167   459,932 
169  Suezmax International Agencies, Inc.  12-20168   51,863 
170  Talara Chartering Corporation  12-20169   31,394 
171  Third United Shipping Corporation  12-20170   47,669 
172  Tokyo Transport Corp.  12-20171   217,530 
173  Transbulk Carriers, Inc.  12-20172   229 
174  Troy Chartering Corporation  12-20173   52,991 
175  Troy Product Corporation  12-20174   53,103 

 

 

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. Additionally, bankruptcy related professional fees paid by Overseas Shipholding Group, Inc. have been allocated on a pro rata basis to all debtors based on the sum of the absolute value of each debtor’s total assets and liabilities based on their balance sheet as of the last day of the prior month. All allocations are subject to certain assumptions and uncertainties and such allocations are not recorded in the debtors’ books and records.

 

Monthly Operating Report

April 1, 2014 through April 30, 2014

 

  Page 20 of 182
 

 

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 April 1, 2014 through April 30, 2014

 

176  Urban Tanker Corporation  12-20175   441,182 
177  Vega Tanker Corporation  12-20176   3,271 
178  View Tanker Corporation  12-20177   1,660,175 
179  Vivian Tankships Corporation  12-20178   16,146 
180  Vulpecula Chartering Corporation  12-20179   25,012 
181  Wind Aframax Tanker Corporation  12-20180   23 
            
      Total Disbursements  $76,398,041 

 

 

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. Additionally, bankruptcy related professional fees paid by Overseas Shipholding Group, Inc. have been allocated on a pro rata basis to all debtors based on the sum of the absolute value of each debtor’s total assets and liabilities based on their balance sheet as of the last day of the prior month. All allocations are subject to certain assumptions and uncertainties and such allocations are not recorded in the debtors’ books and records.

 

Monthly Operating Report

April 1, 2014 through April 30, 2014

 

  Page 21 of 182
 

 

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 Paid1

For the Period April 1, 2014 through April 30, 2014

 

   Amounts Paid this Period   Cumulative Amount Paid Since Petition Date 
Professional  Fees   Expenses   Total   Fees   Expenses   Total 
Akin Gump Straus Hauer & Feld LLP  $231,903   $8,528.70   $240,432   $6,721,141   $231,661.66   $6,952,802 
Allen Miller LLP   -    -    -    -    -    - 
Bowman Gilfillan, Inc.   -    -    -    50,499    17,446    67,945 
Brown Rudnick LLP   -    -    -    -    -    - 
Burke & Parsons   49,232    4,528    53,760    621,845    15,860    637,705 
Chilmark Partners, LLC   320,000    292,940    612,940    2,240,000    500,364    2,740,364 
Cleary Gottlieb Steen & Hamilton LLP   1,187,457    36,301    1,223,758    21,166,071    680,385    21,846,456 
Deloitte & Touche LLP   1,097,734    17,906    1,115,640    5,813,725    98,657    5,912,382 
Deloitte Financial Advisory Services LLP                              
Deloitte Tax LLP   -    -    -    4,623,917    15,032    4,638,949 
Eversheds LLP   46,091    170    46,260    435,744    8,106    443,850 
Fox Rothschild LLP   -    -    -    -    -    - 
FTI Consulting, Inc.   48,024    35    48,058    3,975,641    7,674    3,983,315 
Gellert, Scali, Busenkell & Brown, LLC   7,558    146    7,704    17,651    476    18,128 
Heidrick & Struggles   173,334    -    173,334    173,334    -    173,334 
Houlihan Lokey Capital, Inc.   -    -    -    2,385,833    59,894    2,445,727 
Kurtzman Carson Consultants LLC   -    -    -    -    -    - 
Mercer (US) Inc.   -    -    -    219,362    72,436    291,798 
Morris, Nichols, Arsht & Tunnell LLP   92,216    785    93,001    1,078,425    32,528    1,110,954 
Mullin Hoard & Brown LLP   104,427    11,472    115,899    1,451,478    88,524    1,540,002 
Pepper Hamilton LLP   12,071    184    12,255    246,882    11,537    258,419 
Peter J. Solomon Company   -    -    -    -    -    - 
Pricewaterhouse Coopers LLP   -    -    -    7,283,983    87,853    7,371,836 
Venable LLP   97,528    871    98,399    410,092    9,304    419,396 
Total Professional Fees and Expenses  $3,467,575   $373,865   $3,841,440   $58,915,623   $1,937,737   $60,853,360 

 

 

1 Certain of the professionals listed in the table 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

April 1, 2014 through April 30, 2014

 

  Page 22 of 182
 

  

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 April 1, 2014 through April 30, 2014

 

Professional   Role
Akin Gump Strauss Hauer & Feld LLP   Unsecured Creditors' Committee Co-Counsel
Allen Miller LLP   Debtors' Special Litigation Counsel
Bowman Gilfillan, Inc.   Debtors' Special Counsel for South African Matters
Brown Rudnick LLP   Co-Counsel to the Official Committee of Equity Security Holders
Burke & Parsons   Debtors' Special Counsel for United States Maritime Matters
Chilmark Partners, LLC   Debtors' Financial and Restructuring Advisor
Cleary Gottlieb Steen & Hamilton LLP   Debtors' Counsel
Deloitte & Touche LLP   Debtors' Accounting Advisor
Deloitte Financial Advisory Services LLP   Debtors' Fresh Start Accounting Services Provider
Deloitte Tax LLP   Debtors' Tax Advisor
Eversheds LLP   Debtors' Special Counsel For United Kingdom Maritime Matters
Fox Rothschild LLP   Co-Counsel to the Official Committee of Equity Security Holders
FTI Consulting, Inc.   Unsecured Creditors' Committee Financial Advisor
Gellert, Scali, Busenkell & Brown, LLC   Debtors' Special Litigation Counsel
Heidrick & Struggles   Board Search Advisors
Houlihan Lokey Capital, Inc.   Unsecured Creditors' Committee Financial Advisor and Investment Banker
Kurtzman Carson Consultants LLC   Claims and Noticing Agent
Mercer (US) Inc.   Compensation Specialist
Morris, Nichols, Arsht & Tunnell LLP   Debtors' Delaware Bankruptcy Co-Counsel
Mullin Hoard & Brown, L.L.P.   Debtors' Special Litigation Counsel
Pepper Hamilton LLP   Unsecured Creditors' Committee Co-Counsel
Peter J. Solomon Company   Financial Advisor to the Official Committee of Equity Security Holders
PricewaterhouseCoopers LLP   Debtors' Independent Auditor, Accountant and Tax Advisor
Venable LLP   Debtors' Special Litigation Counsel

 

 

1 Certain of the professionals listed in the table 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

April 1, 2014 through April 30, 2014

 

  Page 23 of 182
 

  

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 April 1, 2014 through April 30, 2014

 

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   Account #   Date of Closing
Sifnos Tanker Corporation   JPMorgan Chase Bank   XXXXXX230   4/17/2014
Serifos Tanker Corporation   JPMorgan Chase Bank   XXXXXX222   4/17/2014

 

Opened Bank Accounts

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

 

Debtor   Bank/Institution   Account #   Date of Opening
None            

 

Debtor Bank Account Balances

See Appendix B

 

Monthly Operating Report

April 1, 2014 through April 30, 2014

 

  Page 24 of 182
 

 

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 Statements of Operations

For the Periods April 1, 2014 through April 30, 2014, and

November 14, 2012 through April 30, 2014

(in thousands of dollars)

 

   April 1, 2014
through
April 30, 2014
   November 14, 2012
through
April 30, 2014
 
         
Shipping Revenues:          
           
Pool revenues  $9,767   $258,779 
Time and bareboat charter revenues   32,256    542,147 
Voyage charter revenues   40,282    726,971 
    82,305    1,527,897 
Operating Expenses:          
Voyage expenses   24,178    389,925 
Vessel expenses   21,068    390,820 
Charter hire expenses   13,412    309,531 
Depreciation and amortization   13,012    255,571 
General and administrative   9,484    149,707 
Goodwill and intangible assets impairment charge   -    16,214 
(Gain)/loss on disposal of vessels, including impairments   3    643,194 
Total Operating Expenses   81,157    2,154,962 
Income/(Loss) from Vessel Operations   1,148    (627,065)
Equity in Income/(Loss) of Affiliated Companies   2,888    59,269 
Operating Income/(Loss)   4,036    (567,796)
Other Income/(expense)   62    1,280 
Income/(loss) before Interest Expense and Income Taxes   4,098    (566,516)
Interest Expense   -    (339)
Income/(loss) before Reorganization Items and Income Taxes   4,098    (566,855)
Reorganization Items, net   8,667    406,201 
Income/(loss) before Income Taxes   (4,569)   (973,056)
Income Tax Provision/(Benefit)   1,680    (14,528)
Net Loss  $(6,249)  $(958,528)

 

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

 

Monthly Operating Report

April 1, 2014 through April 30, 2014

 

  Page 25 of 182
 

 

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 Statements of Operations

For the Periods April 1, 2014 through April 30, 2014, and

November 14, 2012 through April 30, 2014

(in thousands of dollars)

 

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 Statements of Operations have not been prepared in accordance with U.S. GAAP or any other recognized financial reporting framework.

 

2.Reorganization Items consists of the following:

 

   April 1, 2014   November 14, 2012 
   through   through 
   April 30, 2014   April 30, 2014 
Professional fees, including Trustee Fees of $234 and $4,663  $8,667   $112,309 
Expenses incurred on rejected executory contracts   -    289,073 
Write-off of deferred financing costs   -    4,603 
Other claims adjustments   -    216 
   $8,667   $406,201 

 

Monthly Operating Report

April 1, 2014 through April 30, 2014

 

  Page 26 of 182
 

 

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 April 30, 2014

(in thousands of dollars)

 

   November 13, 2012   April 30, 2014 
ASSETS          
Current Assets:          
Cash and cash equivalents  $477,973   $650,199 
Voyage receivables   171,753    132,653 
Other receivables, including income taxes recoverable   59,295    32,237 
Inventory   14,150    25,596 
Prepaid expenses and other current assets   46,636    36,093 
Total Current Assets   769,807    876,778 
Vessels and other property, less accumulated depreciation   3,135,823    2,321,506 
Deferred drydock expenditures, net   73,898    55,548 
Total Vessels, Deferred Drydock and Other Property   3,209,721    2,377,054 
Investments in Affiliated Companies   247,964    327,517 
Intangible Assets, less accumulated amortization   72,655    58,606 
Goodwill   9,589    - 
Other Assets   16,464    28,213 
Total Assets  $4,326,200   $3,668,168 
           
LIABILITIES AND (DEFICIT)/EQUITY          
Current Liabilities:          
Accounts payable, accrued expenses and other current liabilities  $93,170   $395,313 
Total Current Liabilities   93,170    395,313 
           
Noncurrent Liabilities:          
Deferred Gain/(loss) on Sale and Leaseback of Vessels   5,457    - 
Deferred Taxes and Other Liabilities   758,736    449,558 
Liabilities Subject to Compromise   2,623,588    2,881,916 
Total Noncurrent Liabilities   3,387,781    3,331,474 
           
Total Liabilities   3,480,951    3,726,787 
(Deficit)/Equity:          
Total Equity/(Deficit)   845,249    (58,619)
Total Liabilities and (Deficit)/Equity  $4,326,200   $3,668,168 

 

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

 

Monthly Operating Report

April 1, 2014 through April 30, 2014

 

  Page 27 of 182
 

  

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 April 30, 2014

(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 and certain such adjustments recorded to the financial statements previously reported in the Monthly Operating Reports are reflected in the financial statements presented herein. The Unaudited Condensed Consolidated Balance Sheets have not been prepared in accordance with U.S. GAAP or any other recognized financial reporting framework.

 

2.The liabilities reported in the Unaudited Condensed Consolidated Balance Sheets do not currently reflect a complete analysis regarding potential claims under the Bankruptcy Code, however, the balance sheet as of April 30, 2014 does include the Debtors’ estimates of potential claims that may be allowed with respect to vessels that had been chartered-in by the Debtors or with respect to nonresidential leases for commercial office space by the Debtors to the extent that such leases were rejected by the Debtors for which performance had also ceased by the end of the reporting period.

 

3.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.

 

4.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, 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 below the outstanding principal of the secured debt, and accordingly, 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, 2013, 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. The Bankruptcy Court Orders preserve any challenge to the application of any such authorized payments pursuant to Section 506 (b) of the Bankruptcy Code or otherwise. The Adequate Protection Interest Payments are being characterized as payments on the prepetition principal amounts outstanding under the term loan agreements commencing with the monthly operating report for June 2013.

 

Monthly Operating Report

April 1, 2014 through April 30, 2014

 

  Page 28 of 182
 

 

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 April 30, 2014

(in thousands of dollars)

 

5.Liabilities Subject to Compromise consist of the following:

 

   November 13, 2012   April 30, 2014 
Pre-petition accounts payable, accrued expenses and other liabilities  $398   $4,567 
Senior Notes   500,780    500,780 
Unsecured revolver   1,488,579    1,489,000 
Accrued interest and fees on unsecured revolver and senior notes   10,878    10,878 
Secured debt and accrued interest   578,024    564,102 
Derivative liabilities   3,566    3,566 
Pension and other postretirement benefit plan liabilities   41,363    26,424 
Accrued liabilities relating to rejected executory contracts   0    282,599 
           
   $2,623,588   $2,881,916 

 

Monthly Operating Report

April 1, 2014 through April 30, 2014

 

  Page 29 of 182
 

  

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 April 30, 2014

 

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: June 13, 2014 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

April 1, 2014 through April 30, 2014

 

  Page 30 of 182
 

 

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

April 30, 2014

 

Days Past Due 
Current   1-30   31-60   61-90   >91   Total 
$16,345,813   $3,761,175   $270,998   $30,167   $(200,778)  $20,207,375 
 81%   19%   1%   0%   -1%     

 

 

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

April 1, 2014 through April 30, 2014

 

  Page 31 of 182
 

 

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

April 30, 2014

 

   Days Aged 1 
   0-30   31-60   61-90   91-120   120-180   > 180   Total 
Trade Receivables:                                   
Trade - Invoiced 2  $16,385,799   $2,837,544   $2,073,216   $3,583,449   $2,093,734   $2,909,362   $29,883,104 
Trade - Accrued and Unbilled3                                $23,866,858 
Trade - Pools4                                $80,041,878 
Allowance for Doubtful Receivables                                $(1,755,756)
Accounts Receivable  $16,385,799   $2,837,544   $2,073,216   $3,583,449   $2,093,734   $2,909,362   $132,036,084 
Percentage of Trade-Invoiced 5   55%   9%   7%   12%   7%   10%   100%

  

Notes:

1Days Aged is based on the date of invoice
2Represents invoiced freight & miscellaneous, demurrage and non-voyage accounts receivable for the consolidated Company.
3Represents unbilled trade accounts receivables of the consolidated Company
4Represents undistributed earnings receivable from the commercial pools in which the Company participates
5Represents percentage of Trade-Invoiced amounts only

 

Monthly Operating Report

April 1, 2014 through April 30, 2014

 

  Page 32 of 182
 

 

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 April 1, 2014 through April 30, 2014

 

        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

April 1, 2014 through April 30, 2014

 

  Page 33 of 182
 

 

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

April 1, 2014 through April 30, 2014

 

  Page 34 of 182
 

 

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

April 1, 2014 through April 30, 2014

 

  Page 35 of 182
 

 

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

April 1, 2014 through April 30, 2014

 

  Page 36 of 182
 

 

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

April 1, 2014 through April 30, 2014

 

  Page 37 of 182
 

 

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

April 1, 2014 through April 30, 2014

 

  Page 38 of 182
 

 

Appendix B

Overseas Shipholding Group, Inc., et al.

Listing of Debtors' Bank Accounts and Book Balances as of April 30, 20141

(in USD)

 

Debtor  EIN  Bank  Currency  Account Number  USD Balance per Books as of
April 30, 2014
 
Cabo Hellas Limited  98-0465299  JP Morgan Chase  USD  XXX-XX0606   - 
Cabo Sounion Limited  98-0465296  JP Morgan Chase  USD  XXX-XX0614   - 
Delta Aframax Corporation  98-0489892  HSBC  USD  XXXXX6729   1,000.00 
Epsilon Aframax Corporation  98-0489895  HSBC  USD  XXXXX6737   1,000.00 
Front President Inc.  77-0681687  HSBC  USD  XXXXX6745   1,000.00 
Maple Tanker Corporation  98-0595229  HSBC  USD  XXXX6753   1,000.00 
Oak Tanker Corporation  98-0595234  HSBC  USD  XXXX6761   1,000.00 
OSG America Operating Company LLC  45-0575493  Fifth Third Bank - Tampa  USD  XXXXXXX3987   287,958,425.86 
OSG Bulk Ships, Inc.  13-2632600  Fifth Third Bank - Tampa  USD  XXXXXXX4290   1,418,410.58 
OSG Bulk Ships, Inc.  13-2632600  JP Morgan Chase  USD  XXXX-XXXXX0-509   (1,699,602.51)
OSG Bulk Ships, Inc.  13-2632600  JP Morgan Chase  USD  XXX-X-XX7251   8,463,933.29 
OSG Financial Corp.  13-3178639  JP Morgan Chase  USD  XXX-X-XX3754   371,213.74 
OSG International, Inc.  98-0467117  HSBC  USD  XXXXX6923   13,391,251.07 
OSG International, Inc.  98-0467117  JP Morgan Chase  USD  XXX-X-XX5113   111,843,176.73 
OSG International, Inc.  98-0467117  JP Morgan Chase  USD  XXXXX7192   24,659,311.45 
OSG International, Inc.  98-0467117  JP Morgan Chase  USD  XXXXX0596   - 
OSG Lightering LLC  98-0380553  Bank of Oklahoma  USD  XXXXX9048   17,558,717.06 
OSG Lightering LLC  98-0380553  Bank of Texas - Houston  USD  XXXXXX9108   (3,664.60)
OSG Lightering LLC  98-0380553  Bank of Texas - Houston  USD  XXXXXX9174   1.00 
OSG Ship Management, Inc.  13-3589004  JP Morgan Chase  USD  XXX-XX2788   10,000.30 
OSG Ship Management, Inc.  13-3589004  Fifth Third Bank - Tampa  USD  XXXXXX2932   14,808.95 
OSG Ship Management, Inc.  13-3589004  JP Morgan Chase  USD  XXX-XX6624   687,498.33 
OSG Ship Management, Inc.  13-3589004  JP Morgan Chase  USD  XXX-XX5045   64,617.43 
Overseas Shipholding Group, Inc.  13-2637623  TD Bank, N.A.  USD  XXX-XXX6647   24,055,816.39 
Overseas Shipholding Group, Inc.  13-2637623  BlackRock  USD  X4888   42,009,613.43 
Overseas Shipholding Group, Inc.  13-2637623  Fidelity  USD  XXXXXXX7175   59,725,808.02 
Overseas Shipholding Group, Inc.  13-2637623  JP Morgan Chase  USD  XXX-X-XX5014   6,159,603.24 
Overseas Shipholding Group, Inc.  13-2637623  JP Morgan Chase  USD  XXX6306   23,005,848.60 
Overseas Shipholding Group, Inc.  13-2637623  JP Morgan Chase  USD  XXX-XX9772   5,000.00 
Rosemar Limited  98-0417974  JP Morgan Chase  USD  XXX-XX0959   - 
Rubymar Limited  98-0420767  JP Morgan Chase  USD  XXX-XX0967   - 
Shirley Tanker SRL  98-0513551  Cidel Bank & Trust, Inc.  USD  XXXXXX-XXX4290   27.60 
Shirley Tanker SRL  98-0513551  Cidel Bank & Trust, Inc.  CAD  XXXXXX-XXX9190   - 
Shirley Tanker SRL  98-0513551  Cidel Bank & Trust, Inc.  CAD  XXXXXX-XXX6490   0.65 
                  
            TOTAL  $619,704,816.61 

 

1 Petty cash accounts with nominal balances maintained at certain office locations have been excluded from this list, but are reported in the Cash and Cash Equivalents line item in the balance sheets presented herein.

 

Preliminary and Unaudited

 

  Page 39 of 182
 

 

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 C

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 and certain such adjustments recorded to the financial statements previously reported in the Monthly Operating Reports are reflected in the financial statements presented herein. 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, based on the specific expenses incurred by each.

 

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

April 1, 2014 through April 30, 2014

 

  Page 40 of 182
 

 

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 C

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 Consolidated Balance Sheets. In accordance with ASC Topic 852, 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 below the outstanding principal of the secured debt, and accordingly, 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, 2013, 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. The Bankruptcy Court Orders preserve any challenge to the application of any such authorized payments pursuant to Section 506 (b) of the Bankruptcy Code or otherwise. 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. The Adequate Protection Interest Payments are being characterized as payments on the prepetition principal amounts outstanding under the term loan agreements commencing with the monthly operating report for June 2013.

 

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, for the year ended December 31, 2013 were reflected in December 2013.

 

Monthly Operating Report

April 1, 2014 through April 30, 2014

 

  Page 41 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Overseas Shipholding Group, Inc.   OSG International, Inc. 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $45   $0   $(31)
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    45    0    (31)
Operating Expenses:                    
Voyage expenses   -    -    -    - 
Vessel expenses   -    (50)   (49)   (116)
Charter hire expenses   -    -    -    49 
Depreciation and amortization   -    -    3    13 
General and administrative   613    11,166    348    29,454 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    0 
Total Operating Expenses   613    11,116    301    29,401 
Income/(loss) from Vessel Operations   (613)   (11,072)   (301)   (29,431)
Equity in Income/(loss) of Affiliated Companies   -    416    552    9,141 
Operating Income/(loss)   (613)   (10,656)   250    (20,290)
Other Income/(expense)   538    9,173    (2,099)   (31,163)
Income/(loss) before Interest Expense and Income Taxes   (74)   (1,483)   (1,849)   (51,453)
Interest Expense   -    0    -    0 
Income/(loss) before Reorganization Items and Income Taxes   (74)   (1,483)   (1,849)   (51,453)
Reorganization Items, net   8,373    114,051    -    8 
Income/(loss) before Income Taxes   (8,447)   (115,534)   (1,849)   (51,461)
Income Tax (Benefit)/Provision   1,650    (19,893)   6    153 
Net Income/(Loss)  $(10,097)  $(95,641)  $(1,855)  $(51,614)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 42 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   OSG Bulk Ships, Inc.   1372 Tanker Corporation 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $3,415 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    1,651    15,544 
    -    -    1,651    18,959 
Operating Expenses:                    
Voyage expenses   -    -    1,302    10,641 
Vessel expenses   36    455    198    4,715 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    254    4,593 
General and administrative   23    217    -    0 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    (4)   -    - 
Total Operating Expenses   59    668    1,754    19,950 
Income/(loss) from Vessel Operations   (59)   (668)   (103)   (990)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (59)   (668)   (103)   (990)
Other Income/(expense)   (211)   (3,336)   (1)   (13)
Income/(loss) before Interest Expense and Income Taxes   (270)   (4,004)   (104)   (1,004)
Interest Expense   -    0    -    (17)
Income/(loss) before Reorganization Items and Income Taxes   (270)   (4,004)   (104)   (1,020)
Reorganization Items, net   -    -    -    281 
Income/(loss) before Income Taxes   (270)   (4,004)   (104)   (1,301)
Income Tax (Benefit)/Provision   -    1,026    -    - 
Net Income/(Loss)  $(270)  $(5,030)  $(104)  $(1,301)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 43 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Africa Tanker Corporation   Alcesmar Limited 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $261   $6,815 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    4 
    -    -    261    6,819 
Operating Expenses:                    
Voyage expenses   -    -    -    7 
Vessel expenses   5    104    169    3,551 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    82    2,126 
General and administrative   12    326    -    0 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    18,737 
Total Operating Expenses   17    429    251    24,421 
Income/(loss) from Vessel Operations   (17)   (429)   10    (17,602)
Equity in Income/(loss) of Affiliated Companies   2,336    43,224    -    - 
Operating Income/(loss)   2,319    42,794    10    (17,602)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   2,319    42,794    10    (17,602)
Interest Expense   -    -    -    (8)
Income/(loss) before Reorganization Items and Income Taxes   2,319    42,794    10    (17,610)
Reorganization Items, net   -    -    -    112 
Income/(loss) before Income Taxes   2,319    42,794    10    (17,722)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $2,319   $42,794   $10   $(17,722)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 44 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Alcmar Limited   Alpha Suezmax Corporation 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $260   $6,960   $10   $(128)
Time and bareboat charter revenues   -    0    -    1,276 
Voyage charter revenues   -    3    -    14 
    260    6,963    10    1,162 
Operating Expenses:                    
Voyage expenses   -    (30)   0    256 
Vessel expenses   179    3,922    0    422 
Charter hire expenses   -    -    -    1,580 
Depreciation and amortization   84    1,790    -    133 
General and administrative   -    0    -    0 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    18,356    -    - 
Total Operating Expenses   263    24,038    0    2,391 
Income/(loss) from Vessel Operations   (3)   (17,075)   9    (1,229)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (3)   (17,075)   9    (1,229)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (3)   (17,075)   9    (1,229)
Interest Expense   -    (8)   -    - 
Income/(loss) before Reorganization Items and Income Taxes   (3)   (17,083)   9    (1,229)
Reorganization Items, net   -    112    -    15,492 
Income/(loss) before Income Taxes   (3)   (17,195)   9    (16,721)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $(3)  $(17,195)  $9   $(16,721)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 45 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Alpha Tanker Corporation   Amalia Product Corporation 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $(0)  $(2)  $-   $7,744 
Time and bareboat charter revenues   -    -    424    1,483 
Voyage charter revenues   -    -    -    13 
    (0)   (2)   424    9,241 
Operating Expenses:                    
Voyage expenses   -    -    8    (232)
Vessel expenses   -    -    160    3,497 
Charter hire expenses   -    131    -    - 
Depreciation and amortization   -    -    246    5,165 
General and administrative   -    -    -    0 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   -    131    414    8,430 
Income/(loss) from Vessel Operations   (0)   (133)   10    810 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (0)   (133)   10    810 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (0)   (133)   10    810 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (0)   (133)   10    810 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   (0)   (133)   10    810 
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $(0)  $(133)  $10   $810 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 46 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Ambermar Product Carrier Corporation   Ambermar Tanker Corporation 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    2,404    -    - 
Voyage charter revenues   653    10,357    -    - 
    653    12,762    -    - 
Operating Expenses:                    
Voyage expenses   869    5,515    -    (4)
Vessel expenses   274    3,941    -    12 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   77    1,529    -    - 
General and administrative   -    0    -    0 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    15,735    -    - 
Total Operating Expenses   1,220    26,720    -    8 
Income/(loss) from Vessel Operations   (568)   (13,958)   -    (8)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (568)   (13,958)   -    (8)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (568)   (13,958)   -    (8)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (568)   (13,958)   -    (8)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   (568)   (13,958)   -    (8)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $(568)  $(13,958)  $-   $(8)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 47 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Andromar Limited   Antigmar Limited 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $261   $6,859   $260   $7,283 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    (5)   -    51 
    261    6,854    260    7,334 
Operating Expenses:                    
Voyage expenses   -    (0)   -    73 
Vessel expenses   (18)   3,548    198    3,444 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   99    1,865    85    1,655 
General and administrative   -    0    -    0 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    19,207    -    18,905 
Total Operating Expenses   81    24,620    283    24,078 
Income/(loss) from Vessel Operations   180    (17,767)   (23)   (16,744)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   180    (17,767)   (23)   (16,744)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   180    (17,767)   (23)   (16,744)
Interest Expense   -    (8)   -    (8)
Income/(loss) before Reorganization Items and Income Taxes   180    (17,775)   (23)   (16,752)
Reorganization Items, net   -    112    -    112 
Income/(loss) before Income Taxes   180    (17,886)   (23)   (16,864)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $180   $(17,886)  $(23)  $(16,864)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 48 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Aqua Tanker Corporation   Aquarius Tanker Corporation 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $0   $(7)  $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    4,599 
    0    (7)   -    4,599 
Operating Expenses:                    
Voyage expenses   -    -    -    2,695 
Vessel expenses   -    -    -    15 
Charter hire expenses   -    (203)   -    1,918 
Depreciation and amortization   -    -    -    - 
General and administrative   -    3    -    - 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   -    (200)   -    4,628 
Income/(loss) from Vessel Operations   0    193    -    (28)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   0    193    -    (28)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   0    193    -    (28)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   0    193    -    (28)
Reorganization Items, net   -    -    -    2,343 
Income/(loss) before Income Taxes   0    193    -    (2,372)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $0   $193   $-   $(2,372)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 49 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Ariadmar Limited   Aspro Tanker Corporation 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $261   $7,187   $(0)  $(3)
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    261    7,187    (0)   (3)
Operating Expenses:                    
Voyage expenses   -    26    -    - 
Vessel expenses   192    3,227    -    - 
Charter hire expenses   -    -    -    57 
Depreciation and amortization   102    1,949    -    - 
General and administrative   -    0    -    - 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    19,082    -    - 
Total Operating Expenses   293    24,285    -    57 
Income/(loss) from Vessel Operations   (33)   (17,098)   (0)   (60)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (33)   (17,098)   (0)   (60)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (33)   (17,098)   (0)   (60)
Interest Expense   -    (8)   -    - 
Income/(loss) before Reorganization Items and Income Taxes   (33)   (17,106)   (0)   (60)
Reorganization Items, net   -    112    -    - 
Income/(loss) before Income Taxes   (33)   (17,217)   (0)   (60)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $(33)  $(17,217)  $(0)  $(60)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 50 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Atalmar Limited   Athens Product Tanker Corporation 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   664    17,202    542    17,699 
    664    17,202    542    17,699 
Operating Expenses:                    
Voyage expenses   414    9,939    337    8,937 
Vessel expenses   174    3,229    220    2,835 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   96    1,846    132    2,342 
General and administrative   -    0    -    0 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    18,960    -    - 
Total Operating Expenses   683    33,975    689    14,115 
Income/(loss) from Vessel Operations   (19)   (16,774)   (147)   3,585 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (19)   (16,774)   (147)   3,585 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (19)   (16,774)   (147)   3,585 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (19)   (16,774)   (147)   3,585 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   (19)   (16,774)   (147)   3,585 
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $(19)  $(16,774)  $(147)  $3,585 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 51 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Atlas Chartering Corporation   Aurora Shipping Corporation 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $3,459 
Time and bareboat charter revenues   -    -    -    2,808 
Voyage charter revenues   -    3,975    1,378    5,549 
    -    3,975    1,378    11,815 
Operating Expenses:                    
Voyage expenses   -    2,058    834    3,855 
Vessel expenses   -    9    290    6,342 
Charter hire expenses   -    1,982    -    - 
Depreciation and amortization   -    -    237    4,155 
General and administrative   -    -    0    0 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   -    4,050    1,361    14,352 
Income/(loss) from Vessel Operations   -    (75)   17    (2,536)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    (75)   17    (2,536)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    (75)   17    (2,536)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    (75)   17    (2,536)
Reorganization Items, net   -    4,376    -    - 
Income/(loss) before Income Taxes   -    (4,451)   17    (2,536)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $-   $(4,451)  $17   $(2,536)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 52 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Avila Tanker Corporation   Batangas Tanker Corporation 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $(0)  $(3)  $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    1,472    15,203 
    (0)   (3)   1,472    15,203 
Operating Expenses:                    
Voyage expenses   -    -    981    9,455 
Vessel expenses   -    -    220    2,024 
Charter hire expenses   -    (81)   -    - 
Depreciation and amortization   -    -    217    2,095 
General and administrative   -    -    -    - 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   -    (81)   1,418    13,574 
Income/(loss) from Vessel Operations   (0)   78    54    1,629 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (0)   78    54    1,629 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (0)   78    54    1,629 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (0)   78    54    1,629 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   (0)   78    54    1,629 
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $(0)  $78   $54   $1,629 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 53 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Beta Aframax Corporation   Brooklyn Product Tanker Corporation 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $0   $(13)  $-   $- 
Time and bareboat charter revenues   -    1,708    -    - 
Voyage charter revenues   -    -    -    22 
    0    1,695    -    22 
Operating Expenses:                    
Voyage expenses   -    -    0    (68)
Vessel expenses   0    584    -    63 
Charter hire expenses   -    1,714    -    - 
Depreciation and amortization   -    26    -    - 
General and administrative   -    1    -    - 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    (20)
Total Operating Expenses   0    2,324    0    (25)
Income/(loss) from Vessel Operations   (0)   (629)   (0)   47 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (0)   (629)   (0)   47 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (0)   (629)   (0)   47 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (0)   (629)   (0)   47 
Reorganization Items, net   -    31,960    -    - 
Income/(loss) before Income Taxes   (0)   (32,589)   (0)   47 
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $(0)  $(32,589)  $(0)  $47 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 54 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Cabo Hellas Limited   Cabo Sounion Limited 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   398    6,191    398    6,375 
Voyage charter revenues   -    11    -    14 
    398    6,202    398    6,389 
Operating Expenses:                    
Voyage expenses   10    169    10    168 
Vessel expenses   255    3,739    183    3,700 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   151    3,286    155    3,457 
General and administrative   -    0    -    0 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    17,172    -    18,004 
Total Operating Expenses   415    24,366    348    25,329 
Income/(loss) from Vessel Operations   (18)   (18,164)   49    (18,940)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (18)   (18,164)   49    (18,940)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (18)   (18,164)   49    (18,940)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (18)   (18,164)   49    (18,940)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   (18)   (18,164)   49    (18,940)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $(18)  $(18,164)  $49   $(18,940)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 55 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Caribbean Tanker Corporation   Carina Tanker Corporation 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $(0)  $(5)  $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   799    16,206    65    4,818 
    799    16,201    65    4,818 
Operating Expenses:                    
Voyage expenses   367    8,359    (0)   2,105 
Vessel expenses   167    5,340    0    14 
Charter hire expenses   -    -    -    2,146 
Depreciation and amortization   50    1,245    -    - 
General and administrative   -    0    -    - 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    17,385    -    - 
Total Operating Expenses   584    32,329    (0)   4,264 
Income/(loss) from Vessel Operations   215    (16,129)   65    553 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   215    (16,129)   65    553 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   215    (16,129)   65    553 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   215    (16,129)   65    553 
Reorganization Items, net   -    -    -    4,102 
Income/(loss) before Income Taxes   215    (16,129)   65    (3,549)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $215   $(16,129)  $65   $(3,549)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 56 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Carl Product Corporation   Concept Tanker Corporation 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $(35)  $275   $7,511 
Time and bareboat charter revenues   431    6,900    -    - 
Voyage charter revenues   -    10    -    - 
    431    6,875    275    7,511 
Operating Expenses:                    
Voyage expenses   11    (206)   -    21 
Vessel expenses   211    3,242    4    84 
Charter hire expenses   -    -    401    7,276 
Depreciation and amortization   247    5,091    -    - 
General and administrative   -    0    -    - 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   468    8,127    405    7,381 
Income/(loss) from Vessel Operations   (38)   (1,252)   (130)   130 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (38)   (1,252)   (130)   130 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (38)   (1,252)   (130)   130 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (38)   (1,252)   (130)   130 
Reorganization Items, net   -    -    -    1,943 
Income/(loss) before Income Taxes   (38)   (1,252)   (130)   (1,812)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $(38)  $(1,252)  $(130)  $(1,812)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 57 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Crown Tanker Corporation   Delphina Tanker Corporation 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $39   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    39    -    - 
Operating Expenses:                    
Voyage expenses   -    -    -    - 
Vessel expenses   -    0    -    - 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    -    - 
General and administrative   -    -    -    - 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   -    0    -    - 
Income/(loss) from Vessel Operations   -    39    -    - 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    39    -    - 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    39    -    - 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    39    -    - 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   -    39    -    - 
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $-   $39   $-   $- 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 58 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Delta Aframax Corporation   DHT Ania Aframax Corp. 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $0   $(75)  $(0)  $(5)
Time and bareboat charter revenues   -    6,163    -    - 
Voyage charter revenues   509    1,982    -    - 
    509    8,070    (0)   (5)
Operating Expenses:                    
Voyage expenses   239    2,000    -    - 
Vessel expenses   438    4,682    -    - 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   156    3,257    -    - 
General and administrative   -    0    -    - 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    24,359    -    - 
Total Operating Expenses   833    34,298    -    - 
Income/(loss) from Vessel Operations   (324)   (26,228)   (0)   (5)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (324)   (26,228)   (0)   (5)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (324)   (26,228)   (0)   (5)
Interest Expense   -    (34)   -    - 
Income/(loss) before Reorganization Items and Income Taxes   (324)   (26,262)   (0)   (5)
Reorganization Items, net   16    407    -    (12)
Income/(loss) before Income Taxes   (339)   (26,668)   (0)   7 
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $(339)  $(26,668)  $(0)  $7 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 59 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   DHT Ann VLCC Corp.   DHT Cathy Aframax Corp. 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $586   $(1)  $212 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    586    (1)   212 
Operating Expenses:                    
Voyage expenses   -    101    -    24 
Vessel expenses   -    3    0    (4)
Charter hire expenses   -    1,615    -    964 
Depreciation and amortization   -    -    -    - 
General and administrative   -    -    -    - 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   -    1,719    0    984 
Income/(loss) from Vessel Operations   -    (1,133)   (1)   (771)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    (1,133)   (1)   (771)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    (1,133)   (1)   (771)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    (1,133)   (1)   (771)
Reorganization Items, net   -    (119)   -    (12)
Income/(loss) before Income Taxes   -    (1,014)   (1)   (759)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $-   $(1,014)  $(1)  $(759)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 60 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   DHT Chris VLCC Corp.   DHT Rebecca Aframax Corp. 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $43   $(0)  $(6)
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    43    (0)   (6)
Operating Expenses:                    
Voyage expenses   -    (0)   -    - 
Vessel expenses   -    (6)   -    (0)
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    -    - 
General and administrative   -    -    -    - 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   -    (6)   -    (0)
Income/(loss) from Vessel Operations   -    48    (0)   (5)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    48    (0)   (5)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    48    (0)   (5)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    48    (0)   (5)
Reorganization Items, net   -    144    -    - 
Income/(loss) before Income Taxes   -    (96)   (0)   (5)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $-   $(96)  $(0)  $(5)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 61 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   DHT Regal Unity VLCC Corp.   DHT Sophie Aframax Corp. 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $(22)  $0   $(90)
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    (22)   0    (90)
Operating Expenses:                    
Voyage expenses   -    -    -    (3)
Vessel expenses   -    0    -    16 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    -    - 
General and administrative   -    -    -    - 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   -    0    -    13 
Income/(loss) from Vessel Operations   -    (22)   0    (103)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    (22)   0    (103)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    (22)   0    (103)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    (22)   0    (103)
Reorganization Items, net   -    258    -    17 
Income/(loss) before Income Taxes   -    (280)   0    (120)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $-   $(280)  $0   $(120)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 62 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Dignity Chartering Corporation   Edindun Shipping Corporation 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $11   $349   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    (14)   -    - 
    11    335    -    - 
Operating Expenses:                    
Voyage expenses   -    18    -    - 
Vessel expenses   -    357    -    - 
Charter hire expenses   -    1,059    -    - 
Depreciation and amortization   -    68    -    - 
General and administrative   -    0    -    - 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   -    1,501    -    - 
Income/(loss) from Vessel Operations   11    (1,166)   -    - 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   11    (1,166)   -    - 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   11    (1,166)   -    - 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   11    (1,166)   -    - 
Reorganization Items, net   -    34,442    -    - 
Income/(loss) before Income Taxes   11    (35,608)   -    - 
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $11   $(35,608)  $-   $- 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 63 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Eighth Aframax Tanker Corporation   Epsilon Aframax Corporation 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $2,012   $-   $1,947 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   1,175    14,504    969    12,223 
    1,175    16,516    969    14,170 
Operating Expenses:                    
Voyage expenses   768    9,140    647    7,870 
Vessel expenses   260    4,095    255    3,857 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   136    2,401    125    3,187 
General and administrative   -    0    -    0 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    24,905 
Total Operating Expenses   1,164    15,636    1,027    39,820 
Income/(loss) from Vessel Operations   11    880    (58)   (25,650)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   11    880    (58)   (25,650)
Other Income/(expense)   -    -    (2)   (21)
Income/(loss) before Interest Expense and Income Taxes   11    880    (60)   (25,672)
Interest Expense   -    -    -    (29)
Income/(loss) before Reorganization Items and Income Taxes   11    880    (60)   (25,700)
Reorganization Items, net   -    -    16    406 
Income/(loss) before Income Taxes   11    880    (76)   (26,106)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $11   $880   $(76)  $(26,106)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 64 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   First Chemical Carrier Corporation   First LPG Tanker Corporation 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    3,888    (9)   (9)
Voyage charter revenues   -    -    39    - 
    -    3,888    29    (9)
Operating Expenses:                    
Voyage expenses   -    56    -    - 
Vessel expenses   -    46    0    0 
Charter hire expenses   -    2,976    (8)   (8)
Depreciation and amortization   -    -    -    - 
General and administrative   -    -    -    - 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   -    3,078    (8)   (8)
Income/(loss) from Vessel Operations   -    810    38    (1)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    810    38    (1)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    810    38    (1)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    810    38    (1)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   -    810    38    (1)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $-   $810   $38   $(1)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 65 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   First Union Tanker Corporation   Fourth Aframax Tanker Corporation 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $527   $8,126   $(0)  $(4)
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    12    16    15,668 
    527    8,138    16    15,664 
Operating Expenses:                    
Voyage expenses   64    749    (5)   9,390 
Vessel expenses   318    5,717    43    3,802 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   160    3,075    -    1,510 
General and administrative   -    0    -    0 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    16,903    3    14,211 
Total Operating Expenses   543    26,444    42    28,913 
Income/(loss) from Vessel Operations   (16)   (18,306)   (25)   (13,250)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (16)   (18,306)   (25)   (13,250)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (16)   (18,306)   (25)   (13,250)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (16)   (18,306)   (25)   (13,250)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   (16)   (18,306)   (25)   (13,250)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $(16)  $(18,306)  $(25)  $(13,250)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 66 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Front President Inc.   Goldmar Limited 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $363   $12,884   $509   $9,660 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    1 
    363    12,884    509    9,662 
Operating Expenses:                    
Voyage expenses   23    505    -    10 
Vessel expenses   203    4,358    329    3,807 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   356    6,312    157    3,455 
General and administrative   0    0    -    0 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    (0)   -    16,753 
Total Operating Expenses   581    11,176    485    24,026 
Income/(loss) from Vessel Operations   (218)   1,708    24    (14,364)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (218)   1,708    24    (14,364)
Other Income/(expense)   (2)   (31)   -    - 
Income/(loss) before Interest Expense and Income Taxes   (221)   1,677    24    (14,364)
Interest Expense   -    (53)   -    - 
Income/(loss) before Reorganization Items and Income Taxes   (221)   1,623    24    (14,364)
Reorganization Items, net   40    648    -    - 
Income/(loss) before Income Taxes   (261)   976    24    (14,364)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $(261)  $976   $24   $(14,364)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 67 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   GPC Aframax Corporation   Grace Chartering Corporation 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $(0)  $900   $-   $1,555 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    (0)   900    -    1,555 
Operating Expenses:                    
Voyage expenses   0    25    -    6 
Vessel expenses   (0)   881    -    8 
Charter hire expenses   -    1,788    -    1,612 
Depreciation and amortization   4    113    -    - 
General and administrative   -    0    -    - 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   4    2,807    -    1,626 
Income/(loss) from Vessel Operations   (5)   (1,907)   -    (71)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (5)   (1,907)   -    (71)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (5)   (1,907)   -    (71)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (5)   (1,907)   -    (71)
Reorganization Items, net   -    21,847    -    881 
Income/(loss) before Income Taxes   (5)   (23,754)   -    (953)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $(5)  $(23,754)  $-   $(953)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 68 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   International Seaways, Inc.   Jademar Limited 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $(0)  $14,653   $495   $9,943 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   6,938    92,649    -    11 
    6,938    107,302    495    9,954 
Operating Expenses:                    
Voyage expenses   4,685    58,618    -    25 
Vessel expenses   257    5,092    263    3,368 
Charter hire expenses   1,731    38,455    -    - 
Depreciation and amortization   89    626    154    3,510 
General and administrative   -    0    -    0 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    1    -    17,729 
Total Operating Expenses   6,762    102,792    417    24,633 
Income/(loss) from Vessel Operations   176    4,510    78    (14,679)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   176    4,510    78    (14,679)
Other Income/(expense)   -    2    -    - 
Income/(loss) before Interest Expense and Income Taxes   176    4,512    78    (14,679)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   176    4,512    78    (14,679)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   176    4,512    78    (14,679)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $176   $4,512   $78   $(14,679)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 69 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Joyce Car Carrier Corporation   Juneau Tanker Corporation 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    (61)   -    - 
Voyage charter revenues   -    -    -    - 
    -    (61)   -    - 
Operating Expenses:                    
Voyage expenses   -    11    -    - 
Vessel expenses   -    (9)   -    - 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    -    - 
General and administrative   -    0    -    - 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    (110)   -    - 
Total Operating Expenses   -    (107)   -    - 
Income/(loss) from Vessel Operations   -    46    -    - 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    46    -    - 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    46    -    - 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    46    -    - 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   -    46    -    - 
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $-   $46   $-   $- 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 70 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Kimolos Tanker Corporation   Kythnos Chartering Corporation 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   498    15,640    850    16,274 
    498    15,640    850    16,274 
Operating Expenses:                    
Voyage expenses   327    8,941    469    8,542 
Vessel expenses   188    3,227    146    3,031 
Charter hire expenses   188    4,054    -    - 
Depreciation and amortization   28    531    118    2,065 
General and administrative   -    0    -    0 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   731    16,752    733    13,639 
Income/(loss) from Vessel Operations   (233)   (1,112)   117    2,635 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (233)   (1,112)   117    2,635 
Other Income/(expense)   -    -    -    8 
Income/(loss) before Interest Expense and Income Taxes   (233)   (1,112)   117    2,643 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (233)   (1,112)   117    2,643 
Reorganization Items, net   -    14,130    -    - 
Income/(loss) before Income Taxes   (233)   (15,242)   117    2,643 
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $(233)  $(15,242)  $117   $2,643 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 71 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Leo Tanker Corporation   Leyte Product Tanker Corporation 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $549   $7,546 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    4,696    -    3,411 
    -    4,696    549    10,957 
Operating Expenses:                    
Voyage expenses   -    2,836    -    1,372 
Vessel expenses   -    18    234    3,184 
Charter hire expenses   -    2,213    -    - 
Depreciation and amortization   -    -    143    3,031 
General and administrative   -    -    -    0 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    19,022 
Total Operating Expenses   -    5,067    377    26,609 
Income/(loss) from Vessel Operations   -    (371)   172    (15,652)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    (371)   172    (15,652)
Other Income/(expense)   -    -    (0)   (4)
Income/(loss) before Interest Expense and Income Taxes   -    (371)   172    (15,656)
Interest Expense   -    -    -    (9)
Income/(loss) before Reorganization Items and Income Taxes   -    (371)   172    (15,665)
Reorganization Items, net   -    2,416    -    278 
Income/(loss) before Income Taxes   -    (2,787)   172    (15,944)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $-   $(2,787)  $172   $(15,944)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 72 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Limar Charter Corporation   Luxmar Product Tanker Corporation 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    255    -    - 
Voyage charter revenues   -    1,757    414    14,944 
    -    2,012    414    14,944 
Operating Expenses:                    
Voyage expenses   0    834    347    8,688 
Vessel expenses   (30)   354    229    3,875 
Charter hire expenses   -    776    -    - 
Depreciation and amortization   -    437    91    1,883 
General and administrative   -    0    -    - 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    16,941 
Total Operating Expenses   (30)   2,401    666    31,388 
Income/(loss) from Vessel Operations   30    (389)   (252)   (16,444)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   30    (389)   (252)   (16,444)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   30    (389)   (252)   (16,444)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   30    (389)   (252)   (16,444)
Reorganization Items, net   -    7,625    -    - 
Income/(loss) before Income Taxes   30    (8,014)   (252)   (16,444)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $30   $(8,014)  $(252)  $(16,444)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 73 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Luxmar Tanker LLC   Majestic Tankers Corporation 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $404   $8,000 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    -    404    8,000 
Operating Expenses:                    
Voyage expenses   -    (27)   33    886 
Vessel expenses   1    170    305    6,558 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    177    3,414 
General and administrative   0    0    -    0 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    20,232 
Total Operating Expenses   1    144    514    31,090 
Income/(loss) from Vessel Operations   (1)   (144)   (110)   (23,089)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (1)   (144)   (110)   (23,089)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (1)   (144)   (110)   (23,089)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (1)   (144)   (110)   (23,089)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   (1)   (144)   (110)   (23,089)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $(1)  $(144)  $(110)  $(23,089)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 74 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Oak Tanker Corporation   Maremar Product Tanker Corporation 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $256   $10,770   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    3    -    - 
    256    10,773    -    - 
Operating Expenses:                    
Voyage expenses   15    383    -    - 
Vessel expenses   198    3,968    -    (3)
Charter hire expenses   -    -    -    - 
Depreciation and amortization   283    7,182    -    - 
General and administrative   -    0    -    - 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    61,052    -    - 
Total Operating Expenses   496    72,586    -    (3)
Income/(loss) from Vessel Operations   (239)   (61,813)   -    3 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (239)   (61,813)   -    3 
Other Income/(expense)   (3)   (43)   -    - 
Income/(loss) before Interest Expense and Income Taxes   (242)   (61,856)   -    3 
Interest Expense   -    (67)   -    - 
Income/(loss) before Reorganization Items and Income Taxes   (242)   (61,923)   -    3 
Reorganization Items, net   16    1,367    -    - 
Income/(loss) before Income Taxes   (258)   (63,290)   -    3 
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $(258)  $(63,290)  $-   $3 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 75 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Maremar Tanker LLC   Marilyn Vessel Corporation 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   165    1,593    -    - 
Voyage charter revenues   -    5,816    -    - 
    165    7,409    -    - 
Operating Expenses:                    
Voyage expenses   6    3,652    -    - 
Vessel expenses   6    1,877    -    - 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   44    1,292    -    - 
General and administrative   -    5    -    - 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    16,057    -    - 
Total Operating Expenses   56    22,882    -    - 
Income/(loss) from Vessel Operations   109    (15,474)   -    - 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   109    (15,474)   -    - 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   109    (15,474)   -    - 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   109    (15,474)   -    - 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   109    (15,474)   -    - 
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $109   $(15,474)  $-   $- 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 76 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Maritrans General Partner Inc.   Maritrans Operating Company L.P. 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    -    -    - 
Operating Expenses:                    
Voyage expenses   -    -    -    - 
Vessel expenses   -    -    -    - 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    -    - 
General and administrative   -    -    -    - 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   -    -    -    - 
Income/(loss) from Vessel Operations   -    -    -    - 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    -    -    - 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    -    -    - 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    -    -    - 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   -    -    -    - 
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $-   $-   $-   $- 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 77 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Milos Product Tanker Corporation   Mindanao Tanker Corporation 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   672    17,024    -    - 
    672    17,024    -    - 
Operating Expenses:                    
Voyage expenses   570    8,494    -    - 
Vessel expenses   158    2,901    13    13 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   135    2,402    -    - 
General and administrative   -    0    -    - 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   863    13,798    13    13 
Income/(loss) from Vessel Operations   (191)   3,226    (13)   (13)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (191)   3,226    (13)   (13)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (191)   3,226    (13)   (13)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (191)   3,226    (13)   (13)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   (191)   3,226    (13)   (13)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $(191)  $3,226   $(13)  $(13)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 78 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Mykonos Tanker LLC   Nedimar Charter Corporation 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   1,625    26,781    -    894 
    1,625    26,781    -    894 
Operating Expenses:                    
Voyage expenses   630    10,503    0    455 
Vessel expenses   231    5,635    -    452 
Charter hire expenses   -    -    -    609 
Depreciation and amortization   168    2,967    -    172 
General and administrative   16    282    -    0 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    19    -    - 
Total Operating Expenses   1,044    19,407    0    1,689 
Income/(loss) from Vessel Operations   580    7,375    (0)   (795)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   580    7,375    (0)   (795)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   580    7,375    (0)   (795)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   580    7,375    (0)   (795)
Reorganization Items, net   -    -    -    5,852 
Income/(loss) before Income Taxes   580    7,375    (0)   (6,647)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $580   $7,375   $(0)  $(6,647)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 79 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Maple Tanker Corporation   Ocean Bulk Ships, Inc. 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $1,222   $12,009   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    1,222    12,009    -    - 
Operating Expenses:                    
Voyage expenses   -    602    -    - 
Vessel expenses   165    3,890    -    - 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   270    7,125    -    - 
General and administrative   -    0    -    - 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    62,874    -    - 
Total Operating Expenses   435    74,491    -    - 
Income/(loss) from Vessel Operations   787    (62,482)   -    - 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   787    (62,482)   -    - 
Other Income/(expense)   (2)   (29)   -    - 
Income/(loss) before Interest Expense and Income Taxes   784    (62,510)   -    - 
Interest Expense   -    (65)   -    - 
Income/(loss) before Reorganization Items and Income Taxes   784    (62,576)   -    - 
Reorganization Items, net   16    1,353    -    - 
Income/(loss) before Income Taxes   769    (63,929)   -    - 
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $769   $(63,929)  $-   $- 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 80 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Oceania Tanker Corporation   OSG 192 LLC 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $796   $-   $- 
Time and bareboat charter revenues   -    -    868    13,355 
Voyage charter revenues   -    -    -    35 
    -    796    868    13,390 
Operating Expenses:                    
Voyage expenses   -    310    12    203 
Vessel expenses   83    2,572    22    744 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   150    2,890    171    3,641 
General and administrative   -    0    -    - 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    31,352    -    - 
Total Operating Expenses   232    37,124    205    4,587 
Income/(loss) from Vessel Operations   (232)   (36,328)   663    8,803 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (232)   (36,328)   663    8,803 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (232)   (36,328)   663    8,803 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (232)   (36,328)   663    8,803 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   (232)   (36,328)   663    8,803 
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $(232)  $(36,328)  $663   $8,803 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 81 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   OSG 209 LLC   OSG 214 LLC 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   927    14,636    900    14,303 
Voyage charter revenues   4    160    24    1,012 
    931    14,796    924    15,315 
Operating Expenses:                    
Voyage expenses   16    298    34    1,221 
Vessel expenses   35    694    63    903 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   183    3,220    229    4,051 
General and administrative   -    -    -    - 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   233    4,213    325    6,176 
Income/(loss) from Vessel Operations   698    10,584    599    9,139 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   698    10,584    599    9,139 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   698    10,584    599    9,139 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   698    10,584    599    9,139 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   698    10,584    599    9,139 
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $698   $10,584   $599   $9,139 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 82 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   OSG 215 Corporation   OSG 242 LLC 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    1,350    23,084 
Voyage charter revenues   -    -    -    979 
    -    -    1,350    24,063 
Operating Expenses:                    
Voyage expenses   -    -    19    675 
Vessel expenses   -    -    45    730 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    161    3,573 
General and administrative   -    -    -    - 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   -    -    225    4,978 
Income/(loss) from Vessel Operations   -    -    1,125    19,085 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    -    1,125    19,085 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    -    1,125    19,085 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    -    1,125    19,085 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   -    -    1,125    19,085 
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $-   $-   $1,125   $19,085 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 83 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   OSG 243 LLC   OSG 244 LLC 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   1,337    18,064    943    14,748 
Voyage charter revenues   23    5,900    28    312 
    1,360    23,964    970    15,060 
Operating Expenses:                    
Voyage expenses   20    2,461    11    204 
Vessel expenses   24    843    22    609 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   241    4,206    239    4,513 
General and administrative   -    -    -    - 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   285    7,510    272    5,327 
Income/(loss) from Vessel Operations   1,075    16,455    698    9,733 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   1,075    16,455    698    9,733 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   1,075    16,455    698    9,733 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   1,075    16,455    698    9,733 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   1,075    16,455    698    9,733 
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $1,075   $16,455   $698   $9,733 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 84 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   OSG 252 LLC   OSG 254 LLC 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   1,020    15,146    1,020    8,707 
Voyage charter revenues   11    4,633    -    8,419 
    1,031    19,779    1,020    17,126 
Operating Expenses:                    
Voyage expenses   13    1,446    13    253 
Vessel expenses   72    854    45    890 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   155    3,922    264    4,746 
General and administrative   -    -    -    - 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   240    6,221    322    5,889 
Income/(loss) from Vessel Operations   791    13,558    698    11,236 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   791    13,558    698    11,236 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   791    13,558    698    11,236 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   791    13,558    698    11,236 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   791    13,558    698    11,236 
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $791   $13,558   $698   $11,236 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 85 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   OSG 300 LLC   OSG 400 LLC 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    -    -    - 
Operating Expenses:                    
Voyage expenses   -    -    -    - 
Vessel expenses   -    -    -    (226)
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    -    - 
General and administrative   -    -    -    - 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   -    -    -    (226)
Income/(loss) from Vessel Operations   -    -    -    226 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    -    -    226 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    -    -    226 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    -    -    226 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   -    -    -    226 
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $-   $-   $-   $226 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 86 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   OSG America L.P.   OSG America LLC 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    -    -    - 
Operating Expenses:                    
Voyage expenses   -    -    -    - 
Vessel expenses   -    -    -    - 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    -    - 
General and administrative   -    -    -    - 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   -    -    -    - 
Income/(loss) from Vessel Operations   -    -    -    - 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    -    -    - 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    -    -    - 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    -    -    - 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   -    -    -    - 
Income Tax (Benefit)/Provision   -    -    -    1 
Net Income/(Loss)  $-   $-   $-   $(1)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 87 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   OSG America Operating Company
LLC
   OSG Car Carriers, Inc. 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    100    -    - 
    -    100    -    - 
Operating Expenses:                    
Voyage expenses   -    -    -    - 
Vessel expenses   3    2    -    - 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   383    6,734    -    - 
General and administrative   -    -    -    - 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   386    6,736    -    - 
Income/(loss) from Vessel Operations   (386)   (6,636)   -    - 
Equity in Income/(loss) of Affiliated Companies   -    6,489    -    - 
Operating Income/(loss)   (386)   (147)   -    - 
Other Income/(expense)   35    354    -    - 
Income/(loss) before Interest Expense and Income Taxes   (352)   207    -    - 
Interest Expense   -    0    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (352)   207    -    - 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   (352)   207    -    - 
Income Tax (Benefit)/Provision   -    1    -    - 
Net Income/(Loss)  $(352)  $206   $-   $- 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 88 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   OSG Clean Products International, Inc.   OSG Columbia LLC 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    -    -    - 
Operating Expenses:                    
Voyage expenses   -    -    -    (0)
Vessel expenses   -    -    256    4,023 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    35    1,219 
General and administrative   -    -    7    119 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   -    -    298    5,361 
Income/(loss) from Vessel Operations   -    -    (298)   (5,361)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    -    (298)   (5,361)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    -    (298)   (5,361)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    -    (298)   (5,361)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   -    -    (298)   (5,361)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $-   $-   $(298)  $(5,361)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 89 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   OSG Constitution LLC   OSG Courageous LLC 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    -    -    - 
Operating Expenses:                    
Voyage expenses   -    -    -    - 
Vessel expenses   -    3    263    4,078 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    81    1,382 
General and administrative   -    -    7    123 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   -    3    351    5,583 
Income/(loss) from Vessel Operations   -    (3)   (351)   (5,583)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    (3)   (351)   (5,583)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    (3)   (351)   (5,583)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    (3)   (351)   (5,583)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   -    (3)   (351)   (5,583)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $-   $(3)  $(351)  $(5,583)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 90 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   OSG Delaware Bay Lightering LLC   OSG Discovery LLC 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   5,562    79,882    -    - 
    5,562    79,882    -    - 
Operating Expenses:                    
Voyage expenses   883    13,572    -    - 
Vessel expenses   980    18,072    -    - 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   1,104    19,459    -    - 
General and administrative   24    401    -    - 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    (956)
Total Operating Expenses   2,991    51,504    -    (956)
Income/(loss) from Vessel Operations   2,572    28,378    -    956 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   2,572    28,378    -    956 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   2,572    28,378    -    956 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   2,572    28,378    -    956 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   2,572    28,378    -    956 
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $2,572   $28,378   $-   $956 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 91 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   OSG Endeavor LLC   OSG Endurance LLC 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    -    -    - 
Operating Expenses:                    
Voyage expenses   -    -    2    2 
Vessel expenses   -    -    220    3,815 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    83    1,465 
General and administrative   -    -    7    116 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    72    -    - 
Total Operating Expenses   -    72    312    5,398 
Income/(loss) from Vessel Operations   -    (72)   (312)   (5,398)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    (72)   (312)   (5,398)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    (72)   (312)   (5,398)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    (72)   (312)   (5,398)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   -    (72)   (312)   (5,398)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $-   $(72)  $(312)  $(5,398)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 92 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   OSG Enterprise LLC   OSG Financial Corp. 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    -    -    - 
Operating Expenses:                    
Voyage expenses   (1)   (1)   -    - 
Vessel expenses   276    4,183    -    - 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   109    1,922    -    - 
General and administrative   7    116    -    - 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   392    6,221    -    - 
Income/(loss) from Vessel Operations   (392)   (6,221)   -    - 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (392)   (6,221)   -    - 
Other Income/(expense)   -    -    -    (174)
Income/(loss) before Interest Expense and Income Taxes   (392)   (6,221)   -    (174)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (392)   (6,221)   -    (174)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   (392)   (6,221)   -    (174)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $(392)  $(6,221)  $-   $(174)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 93 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   OSG Freedom LLC   OSG Honour LLC 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    -    -    - 
Operating Expenses:                    
Voyage expenses   -    -    -    - 
Vessel expenses   -    17    241    4,049 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    290    59    1,045 
General and administrative   -    -    7    122 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    709    -    - 
Total Operating Expenses   -    1,016    307    5,216 
Income/(loss) from Vessel Operations   -    (1,016)   (307)   (5,216)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    (1,016)   (307)   (5,216)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    (1,016)   (307)   (5,216)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    (1,016)   (307)   (5,216)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   -    (1,016)   (307)   (5,216)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $-   $(1,016)  $(307)  $(5,216)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 94 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   OSG Independence LLC   OSG Intrepid LLC 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    -    -    - 
Operating Expenses:                    
Voyage expenses   -    9    -    - 
Vessel expenses   245    3,948    231    4,119 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   71    1,206    78    1,510 
General and administrative   7    117    7    122 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   323    5,279    316    5,751 
Income/(loss) from Vessel Operations   (323)   (5,279)   (316)   (5,751)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (323)   (5,279)   (316)   (5,751)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (323)   (5,279)   (316)   (5,751)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (323)   (5,279)   (316)   (5,751)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   (323)   (5,279)   (316)   (5,751)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $(323)  $(5,279)  $(316)  $(5,751)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 95 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   OSG Liberty LLC   OSG Lightering LLC 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    4,409    115,014 
    -    -    4,409    115,014 
Operating Expenses:                    
Voyage expenses   -    -    3,134    68,419 
Vessel expenses   -    (9)   1    154 
Charter hire expenses   -    -    1,230    39,503 
Depreciation and amortization   -    -    59    2,132 
General and administrative   -    -    321    4,321 
Goodwill and intangible assets impairment charge   -    -    -    14,726 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    470 
Total Operating Expenses   -    (9)   4,745    129,726 
Income/(loss) from Vessel Operations   -    9    (336)   (14,712)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    9    (336)   (14,712)
Other Income/(expense)   -    -    1    17 
Income/(loss) before Interest Expense and Income Taxes   -    9    (334)   (14,694)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    9    (334)   (14,694)
Reorganization Items, net   -    -    -    (60)
Income/(loss) before Income Taxes   -    9    (334)   (14,634)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $-   $9   $(334)  $(14,634)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 96 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   OSG Lightering Acquisition
Corporation
   OSG Lightering Solutions LLC 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    -    -    - 
Operating Expenses:                    
Voyage expenses   -    -    -    - 
Vessel expenses   -    -    -    - 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    -    - 
General and administrative   -    -    -    - 
Goodwill and intangible assets impairment charge   -    -    -    1,567 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   -    -    -    1,567 
Income/(loss) from Vessel Operations   -    -    -    (1,567)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    -    -    (1,567)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    -    -    (1,567)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    -    -    (1,567)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   -    -    -    (1,567)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $-   $-   $-   $(1,567)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 97 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   OSG Mariner LLC   OSG Maritrans Parent LLC 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    -    -    - 
Operating Expenses:                    
Voyage expenses   -    -    -    - 
Vessel expenses   -    -    -    - 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    6    100 
General and administrative   -    -    -    - 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    72    -    - 
Total Operating Expenses   -    72    6    100 
Income/(loss) from Vessel Operations   -    (72)   (6)   (100)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    (72)   (6)   (100)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    (72)   (6)   (100)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    (72)   (6)   (100)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   -    (72)   (6)   (100)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $-   $(72)  $(6)  $(100)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 98 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   OSG Navigator LLC   OSG New York, Inc. 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $316   $9,301 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    4,034 
    -    -    316    13,334 
Operating Expenses:                    
Voyage expenses   -    -    -    2,318 
Vessel expenses   250    3,967    4    137 
Charter hire expenses   -    -    466    12,878 
Depreciation and amortization   30    1,123    -    - 
General and administrative   7    121    -    - 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   287    5,212    470    15,332 
Income/(loss) from Vessel Operations   (287)   (5,212)   (153)   (1,998)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (287)   (5,212)   (153)   (1,998)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (287)   (5,212)   (153)   (1,998)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (287)   (5,212)   (153)   (1,998)
Reorganization Items, net   -    -    -    306 
Income/(loss) before Income Taxes   (287)   (5,212)   (153)   (2,304)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $(287)  $(5,212)  $(153)  $(2,304)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 99 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   OSG Product Tankers AVTC, LLC   OSG Product Tankers I, LLC 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    -    -    - 
Operating Expenses:                    
Voyage expenses   -    -    -    - 
Vessel expenses   -    -    -    - 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    -    - 
General and administrative   -    -    -    - 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   -    -    -    - 
Income/(loss) from Vessel Operations   -    -    -    - 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    -    -    - 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    -    -    - 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    -    -    - 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   -    -    -    - 
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $-   $-   $-   $- 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 100 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   OSG Product Tankers II, LLC   OSG Product Tankers Member LLC 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    -    -    - 
Operating Expenses:                    
Voyage expenses   -    -    -    - 
Vessel expenses   -    -    -    - 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    -    - 
General and administrative   -    -    -    - 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   -    -    -    - 
Income/(loss) from Vessel Operations   -    -    -    - 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    -    -    - 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    -    -    - 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    -    -    - 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   -    -    -    - 
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $-   $-   $-   $- 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 101 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   OSG Product Tankers, LLC   OSG Quest LLC 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    -    -    - 
Operating Expenses:                    
Voyage expenses   -    -    -    - 
Vessel expenses   -    -    -    - 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    -    - 
General and administrative   -    -    -    - 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    41 
Total Operating Expenses   -    -    -    41 
Income/(loss) from Vessel Operations   -    -    -    (41)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    -    -    (41)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    -    -    (41)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    -    -    (41)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   -    -    -    (41)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $-   $-   $-   $(41)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 102 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   OSG Seafarer LLC   OSG Ship Management, Inc. 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
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   -    -    155    3,863 
General and administrative   -    -    4,120    50,931 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   -    (0)   4,276    54,794 
Income/(loss) from Vessel Operations   -    0    (4,276)   (54,794)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    0    (4,276)   (54,794)
Other Income/(expense)   -    -    9    36 
Income/(loss) before Interest Expense and Income Taxes   -    0    (4,267)   (54,758)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    0    (4,267)   (54,758)
Reorganization Items, net   -    -    193    2,278 
Income/(loss) before Income Taxes   -    0    (4,460)   (57,035)
Income Tax (Benefit)/Provision   -    -    -    2 
Net Income/(Loss)  $-   $0   $(4,460)  $(57,038)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 103 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   OSG Valour LLC   Overseas Allegiance Corporation 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    -    -    - 
Operating Expenses:                    
Voyage expenses   -    -    -    - 
Vessel expenses   -    -    -    - 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    -    - 
General and administrative   -    -    -    - 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   -    -    -    - 
Income/(loss) from Vessel Operations   -    -    -    - 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    -    -    - 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    -    -    - 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    -    -    - 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   -    -    -    - 
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $-   $-   $-   $- 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 104 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Overseas Anacortes LLC   Overseas Boston LLC 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   1,950    32,715    1,733    27,185 
Voyage charter revenues   3    30    -    60 
    1,953    32,745    1,733    27,245 
Operating Expenses:                    
Voyage expenses   27    440    22    409 
Vessel expenses   555    9,757    507    10,137 
Charter hire expenses   760    13,672    748    13,439 
Depreciation and amortization   32    313    50    848 
General and administrative   17    293    16    298 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   1,391    24,475    1,343    25,131 
Income/(loss) from Vessel Operations   562    8,270    390    2,114 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   562    8,270    390    2,114 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   562    8,270    390    2,114 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   562    8,270    390    2,114 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   562    8,270    390    2,114 
Income Tax (Benefit)/Provision   -    22    -    7 
Net Income/(Loss)  $562   $8,248   $390   $2,108 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 105 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Overseas Diligence LLC   Overseas Galena Bay LLC 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    -    -    - 
Operating Expenses:                    
Voyage expenses   -    -    -    - 
Vessel expenses   -    (2)   -    - 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    -    - 
General and administrative   -    -    -    - 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   -    (2)   -    - 
Income/(loss) from Vessel Operations   -    2    -    - 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    2    -    - 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    2    -    - 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    2    -    - 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   -    2    -    - 
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $-   $2   $-   $- 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 106 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Overseas Houston LLC   Overseas Integrity LLC 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   1,493    25,099    -    - 
Voyage charter revenues   -    -    -    - 
    1,493    25,099    -    - 
Operating Expenses:                    
Voyage expenses   6    105    -    - 
Vessel expenses   544    9,725    -    (3)
Charter hire expenses   711    12,832    -    - 
Depreciation and amortization   62    1,087    -    - 
General and administrative   17    296    -    - 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   1,340    24,045    -    (3)
Income/(loss) from Vessel Operations   152    1,054    -    3 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   152    1,054    -    3 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   152    1,054    -    3 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   152    1,054    -    3 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   152    1,054    -    3 
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $152   $1,054   $-   $3 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 107 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Overseas Long Beach LLC   Overseas Los Angeles LLC 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   1,410    24,934    1,410    24,854 
Voyage charter revenues   -    -    -    7 
    1,410    24,934    1,410    24,861 
Operating Expenses:                    
Voyage expenses   12    211    12    214 
Vessel expenses   507    9,663    574    9,995 
Charter hire expenses   712    12,791    715    12,849 
Depreciation and amortization   45    773    42    726 
General and administrative   16    292    17    295 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   1,291    23,730    1,360    24,080 
Income/(loss) from Vessel Operations   119    1,203    50    781 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   119    1,203    50    781 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   119    1,203    50    781 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   119    1,203    50    781 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   119    1,203    50    781 
Income Tax (Benefit)/Provision   -    1    -    1 
Net Income/(Loss)  $119   $1,203   $50   $780 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 108 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Overseas Martinez LLC   Overseas New Orleans LLC 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   1,733    29,165    -    - 
Voyage charter revenues   -    61    -    - 
    1,733    29,226    -    - 
Operating Expenses:                    
Voyage expenses   22    437    -    - 
Vessel expenses   617    10,352    -    5 
Charter hire expenses   760    13,510    -    - 
Depreciation and amortization   40    551    -    - 
General and administrative   17    299    -    - 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   1,456    25,149    -    5 
Income/(loss) from Vessel Operations   277    4,077    -    (5)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   277    4,077    -    (5)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   277    4,077    -    (5)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   277    4,077    -    (5)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   277    4,077    -    (5)
Income Tax (Benefit)/Provision   -    7    -    - 
Net Income/(Loss)  $277   $4,070   $-   $(5)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 109 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Overseas New York LLC   Overseas Nikiski LLC 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   1,403    23,948    1,125    26,117 
Voyage charter revenues   -    -    -    66 
    1,403    23,948    1,125    26,183 
Operating Expenses:                    
Voyage expenses   6    100    16    408 
Vessel expenses   522    9,632    730    10,696 
Charter hire expenses   719    12,922    749    13,462 
Depreciation and amortization   37    678    42    1,076 
General and administrative   17    295    17    300 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   1,300    23,627    1,554    25,942 
Income/(loss) from Vessel Operations   103    321    (429)   241 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   103    321    (429)   241 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   103    321    (429)   241 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   103    321    (429)   241 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   103    321    (429)   241 
Income Tax (Benefit)/Provision   -    -    -    7 
Net Income/(Loss)  $103   $321   $(429)  $234 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 110 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Overseas Perseverance Corporation   Overseas Philadelphia LLC 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    -    -    - 
Operating Expenses:                    
Voyage expenses   -    -    -    - 
Vessel expenses   -    -    -    3 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    -    - 
General and administrative   -    -    -    - 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   -    -    -    3 
Income/(loss) from Vessel Operations   -    -    -    (3)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    -    -    (3)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    -    -    (3)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    -    -    (3)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   -    -    -    (3)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $-   $-   $-   $(3)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 111 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Overseas Puget Sound LLC   Overseas Sea Swift Corporation 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    -    -    - 
Operating Expenses:                    
Voyage expenses   -    -    -    - 
Vessel expenses   -    10    -    - 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    -    - 
General and administrative   -    (0)   -    - 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   -    9    -    - 
Income/(loss) from Vessel Operations   -    (9)   -    - 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    (9)   -    - 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    (9)   -    - 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    (9)   -    - 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   -    (9)   -    - 
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $-   $(9)  $-   $- 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 112 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Overseas Shipping (GR) Ltd.   Overseas ST Holding LLC 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    4,359    75,395 
Voyage charter revenues   -    -    -    47 
    -    -    4,359    75,443 
Operating Expenses:                    
Voyage expenses   -    -    41    604 
Vessel expenses   -    3    1,090    19,829 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    898    15,787 
General and administrative   -    -    33    597 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   -    3    2,062    36,817 
Income/(loss) from Vessel Operations   -    (3)   2,297    38,626 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    (3)   2,297    38,626 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    (3)   2,297    38,626 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    (3)   2,297    38,626 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   -    (3)   2,297    38,626 
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $-   $(3)  $2,297   $38,626 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 113 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Overseas Tampa LLC   Overseas Texas City LLC 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   1,950    32,832    1,950    32,768 
Voyage charter revenues   10    71    -    24 
    1,960    32,903    1,950    32,793 
Operating Expenses:                    
Voyage expenses   34    482    24    455 
Vessel expenses   556    9,888    512    10,111 
Charter hire expenses   786    13,975    723    12,866 
Depreciation and amortization   2    38    39    585 
General and administrative   17    297    17    296 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   1,394    24,680    1,316    24,313 
Income/(loss) from Vessel Operations   565    8,222    634    8,480 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   565    8,222    634    8,480 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   565    8,222    634    8,480 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   565    8,222    634    8,480 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   565    8,222    634    8,480 
Income Tax (Benefit)/Provision   -    13    -    - 
Net Income/(Loss)  $565   $8,210   $634   $8,480 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 114 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Pearlmar Limited   Petromar Limited 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $505   $9,979   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    19    802    13,764 
    505    9,997    802    13,764 
Operating Expenses:                    
Voyage expenses   -    16    381    7,939 
Vessel expenses   226    4,011    215    3,801 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   159    3,579    77    1,499 
General and administrative   -    0    (38)   1,131 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    17,346    -    14,775 
Total Operating Expenses   385    24,953    634    29,145 
Income/(loss) from Vessel Operations   121    (14,956)   167    (15,381)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   121    (14,956)   167    (15,381)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   121    (14,956)   167    (15,381)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   121    (14,956)   167    (15,381)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   121    (14,956)   167    (15,381)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $121   $(14,956)  $167   $(15,381)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 115 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Pisces Tanker Corporation   Polaris Tanker Corporation 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    3,940    -    3,822 
    -    3,940    -    3,822 
Operating Expenses:                    
Voyage expenses   -    2,381    -    2,370 
Vessel expenses   -    26    -    16 
Charter hire expenses   -    2,350    -    1,996 
Depreciation and amortization   -    -    -    - 
General and administrative   -    -    -    - 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   -    4,758    -    4,382 
Income/(loss) from Vessel Operations   -    (818)   -    (559)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    (818)   -    (559)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    (818)   -    (559)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    (818)   -    (559)
Reorganization Items, net   -    5,816    -    5,570 
Income/(loss) before Income Taxes   -    (6,634)   -    (6,129)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $-   $(6,634)  $-   $(6,129)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 116 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Queens Product Tanker Corporation   Reymar Limited 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $6,123 
Time and bareboat charter revenues   -    -    132    1,557 
Voyage charter revenues   -    9    -    19 
    -    9    132    7,698 
Operating Expenses:                    
Voyage expenses   0    3    2    (470)
Vessel expenses   -    70    233    4,489 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    123    3,170 
General and administrative   -    -    -    0 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    15,911 
Total Operating Expenses   0    73    358    23,101 
Income/(loss) from Vessel Operations   (0)   (65)   (226)   (15,403)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (0)   (65)   (226)   (15,403)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (0)   (65)   (226)   (15,403)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (0)   (65)   (226)   (15,403)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   (0)   (65)   (226)   (15,403)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $(0)  $(65)  $(226)  $(15,403)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 117 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Rich Tanker Corporation   Rimar Chartering Corporation 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    455    -    - 
Voyage charter revenues   570    14,368    -    982 
    570    14,823    -    982 
Operating Expenses:                    
Voyage expenses   404    8,138    1    494 
Vessel expenses   4    110    (0)   310 
Charter hire expenses   402    7,295    -    626 
Depreciation and amortization   -    -    -    80 
General and administrative   -    -    -    0 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   810    15,543    1    1,511 
Income/(loss) from Vessel Operations   (240)   (720)   (1)   (529)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (240)   (720)   (1)   (529)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (240)   (720)   (1)   (529)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (240)   (720)   (1)   (529)
Reorganization Items, net   -    2,159    -    8,825 
Income/(loss) before Income Taxes   (240)   (2,879)   (1)   (9,354)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $(240)  $(2,879)  $(1)  $(9,354)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 118 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Rosalyn Tanker Corporation   Rosemar Limited 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $661   $10,225   $-   $- 
Time and bareboat charter revenues   -    -    398    6,218 
Voyage charter revenues   -    (1)   -    15 
    661    10,224    398    6,232 
Operating Expenses:                    
Voyage expenses   0    328    10    171 
Vessel expenses   221    5,251    206    4,518 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   256    4,201    152    3,501 
General and administrative   -    0    -    0 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    18,026 
Total Operating Expenses   477    9,781    368    26,216 
Income/(loss) from Vessel Operations   184    444    30    (19,984)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   184    444    30    (19,984)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   184    444    30    (19,984)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   184    444    30    (19,984)
Reorganization Items, net   -    45    -    - 
Income/(loss) before Income Taxes   184    398    30    (19,984)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $184   $398   $30   $(19,984)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 119 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Rubymar Limited   Sakura Transport Corp. 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $612   $9,511 
Time and bareboat charter revenues   189    4,450    -    - 
Voyage charter revenues   -    -    -    - 
    189    4,450    612    9,511 
Operating Expenses:                    
Voyage expenses   0    (10)   45    469 
Vessel expenses   (11)   63    215    6,113 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   152    3,383    270    4,915 
General and administrative   -    0    -    0 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    16,563    -    - 
Total Operating Expenses   141    19,999    531    11,497 
Income/(loss) from Vessel Operations   49    (15,550)   81    (1,986)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   49    (15,550)   81    (1,986)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   49    (15,550)   81    (1,986)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   49    (15,550)   81    (1,986)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   49    (15,550)   81    (1,986)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $49   $(15,550)  $81   $(1,986)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 120 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Samar Product Tanker Corporation   Santorini Tanker LLC 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   402    6,963    -    - 
Voyage charter revenues   -    2    1,663    24,143 
    402    6,965    1,663    24,143 
Operating Expenses:                    
Voyage expenses   10    212    588    9,208 
Vessel expenses   170    3,053    338    6,134 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   139    3,017    166    2,946 
General and administrative   -    0    17    277 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    19,279    -    - 
Total Operating Expenses   320    25,562    1,108    18,565 
Income/(loss) from Vessel Operations   82    (18,596)   555    5,578 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   82    (18,596)   555    5,578 
Other Income/(expense)   (0)   (3)   -    - 
Income/(loss) before Interest Expense and Income Taxes   82    (18,599)   555    5,578 
Interest Expense   -    (9)   -    - 
Income/(loss) before Reorganization Items and Income Taxes   82    (18,609)   555    5,578 
Reorganization Items, net   -    278    -    - 
Income/(loss) before Income Taxes   82    (18,887)   555    5,578 
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $82   $(18,887)  $555   $5,578 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 121 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Serifos Tanker Corporation   Seventh Aframax Tanker Corporation 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $525   $-   $2,051 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   658    11,873    1,323    14,626 
    658    12,398    1,323    16,677 
Operating Expenses:                    
Voyage expenses   388    6,939    882    9,225 
Vessel expenses   178    2,608    240    4,195 
Charter hire expenses   188    3,132    -    - 
Depreciation and amortization   17    290    139    2,462 
General and administrative   -    0    -    - 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   770    12,970    1,262    15,882 
Income/(loss) from Vessel Operations   (112)   (571)   62    795 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (112)   (571)   62    795 
Other Income/(expense)   -    (13)   -    - 
Income/(loss) before Interest Expense and Income Taxes   (112)   (585)   62    795 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (112)   (585)   62    795 
Reorganization Items, net   -    15,145    -    - 
Income/(loss) before Income Taxes   (112)   (15,730)   62    795 
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $(112)  $(15,730)  $62   $795 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 122 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Shirley Tanker SRL   Sifnos Tanker Corporation 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $2,004   $271   $7,156 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   1,233    14,125    -    - 
    1,233    16,129    271    7,156 
Operating Expenses:                    
Voyage expenses   937    8,991    4    20 
Vessel expenses   267    4,913    177    3,466 
Charter hire expenses   -    -    188    4,054 
Depreciation and amortization   318    5,480    32    423 
General and administrative   5    79    -    0 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   1,526    19,463    400    7,962 
Income/(loss) from Vessel Operations   (294)   (3,334)   (129)   (806)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (294)   (3,334)   (129)   (806)
Other Income/(expense)   -    0    -    (13)
Income/(loss) before Interest Expense and Income Taxes   (294)   (3,334)   (129)   (819)
Interest Expense   -    (15)   -    - 
Income/(loss) before Reorganization Items and Income Taxes   (294)   (3,349)   (129)   (819)
Reorganization Items, net   -    238    -    13,781 
Income/(loss) before Income Taxes   (294)   (3,587)   (129)   (14,600)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $(294)  $(3,587)  $(129)  $(14,600)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 123 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Silvermar Limited   Sixth Aframax Tanker Corporation 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $526   $9,729   $-   $857 
Time and bareboat charter revenues   -    -    -    1,886 
Voyage charter revenues   -    13    1,320    14,437 
    526    9,742    1,320    17,180 
Operating Expenses:                    
Voyage expenses   -    16    1,007    9,269 
Vessel expenses   207    3,176    263    4,443 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   160    3,521    148    2,451 
General and administrative   -    0    -    0 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    16,981    -    - 
Total Operating Expenses   366    23,694    1,417    16,164 
Income/(loss) from Vessel Operations   160    (13,952)   (98)   1,016 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   160    (13,952)   (98)   1,016 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   160    (13,952)   (98)   1,016 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   160    (13,952)   (98)   1,016 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   160    (13,952)   (98)   1,016 
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $160   $(13,952)  $(98)  $1,016 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 124 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Skopelos Product Tanker Corporation   Star Chartering Corporation 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    450    7,543 
Voyage charter revenues   677    17,226    -    - 
    677    17,226    450    7,543 
Operating Expenses:                    
Voyage expenses   640    10,559    -    - 
Vessel expenses   279    3,244    2    43 
Charter hire expenses   -    -    450    7,544 
Depreciation and amortization   110    1,926    -    - 
General and administrative   -    0    -    - 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   1,029    15,730    452    7,588 
Income/(loss) from Vessel Operations   (352)   1,496    (2)   (45)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (352)   1,496    (2)   (45)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (352)   1,496    (2)   (45)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (352)   1,496    (2)   (45)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   (352)   1,496    (2)   (45)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $(352)  $1,496   $(2)  $(45)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 125 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Suezmax International Agencies, Inc.   Talara Chartering Corporation 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $1   $10,733   $-   $1,371 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   (9)   8,101    -    7 
    (8)   18,834    -    1,379 
Operating Expenses:                    
Voyage expenses   -    5,302    0    (329)
Vessel expenses   (8)   132    0    542 
Charter hire expenses   -    16,576    -    1,730 
Depreciation and amortization   -    -    -    34 
General and administrative   58    1,352    -    0 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   50    23,362    0    1,977 
Income/(loss) from Vessel Operations   (58)   (4,528)   (0)   (598)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (58)   (4,528)   (0)   (598)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (58)   (4,528)   (0)   (598)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (58)   (4,528)   (0)   (598)
Reorganization Items, net   -    -    -    36,040 
Income/(loss) before Income Taxes   (58)   (4,528)   (0)   (36,638)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $(58)  $(4,528)  $(0)  $(36,638)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 126 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Third United Shipping Corporation   Tokyo Transport Corp. 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $676   $12,954 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    -    676    12,954 
Operating Expenses:                    
Voyage expenses   -    -    22    430 
Vessel expenses   -    -    272    4,974 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    262    4,716 
General and administrative   -    -    -    0 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   -    -    555    10,120 
Income/(loss) from Vessel Operations   -    -    121    2,834 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    -    121    2,834 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    -    121    2,834 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    -    121    2,834 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   -    -    121    2,834 
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $-   $-   $121   $2,834 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 127 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Transbulk Carriers, Inc.   Troy Chartering Corporation 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $1,206 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    12 
    -    -    -    1,217 
Operating Expenses:                    
Voyage expenses   -    -    0    49 
Vessel expenses   -    -    (2)   462 
Charter hire expenses   -    -    -    1,676 
Depreciation and amortization   -    -    -    35 
General and administrative   -    -    -    1 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   -    -    (2)   2,222 
Income/(loss) from Vessel Operations   -    -    2    (1,005)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    -    2    (1,005)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    -    2    (1,005)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    -    2    (1,005)
Reorganization Items, net   -    -    -    37,194 
Income/(loss) before Income Taxes   -    -    2    (38,198)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $-   $-   $2   $(38,198)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 128 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Troy Product Corporation   Urban Tanker Corporation 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $273   $7,521 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    (8)
    -    -    273    7,513 
Operating Expenses:                    
Voyage expenses   -    -    -    (27)
Vessel expenses   -    -    30    108 
Charter hire expenses   -    -    400    7,392 
Depreciation and amortization   -    -    -    - 
General and administrative   -    -    -    - 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   -    -    431    7,473 
Income/(loss) from Vessel Operations   -    -    (158)   40 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    -    (158)   40 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    -    (158)   40 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    -    (158)   40 
Reorganization Items, net   -    -    -    4,083 
Income/(loss) before Income Taxes   -    -    (158)   (4,043)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $-   $-   $(158)  $(4,043)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 129 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Vega Tanker Corporation   View Tanker Corporation 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $39 
Time and bareboat charter revenues   -    -    -    4,686 
Voyage charter revenues   -    -    1,042    5,431 
    -    -    1,042    10,157 
Operating Expenses:                    
Voyage expenses   -    -    519    2,964 
Vessel expenses   -    80    4    108 
Charter hire expenses   -    -    393    6,918 
Depreciation and amortization   -    -    -    - 
General and administrative   -    -    -    52 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   -    80    916    10,042 
Income/(loss) from Vessel Operations   -    (80)   126    115 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    (80)   126    115 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    (80)   126    115 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    (80)   126    115 
Reorganization Items, net   -    -    -    3,104 
Income/(loss) before Income Taxes   -    (80)   126    (2,990)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $-   $(80)  $126   $(2,990)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 130 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Vivian Tankships Corporation   Vulpecula Chartering Corporation 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    3,803 
    -    -    -    3,803 
Operating Expenses:                    
Voyage expenses   -    -    -    1,981 
Vessel expenses   -    -    -    8 
Charter hire expenses   -    -    -    1,831 
Depreciation and amortization   -    -    -    - 
General and administrative   -    -    -    - 
Goodwill and intangible assets impairment charge   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   -    -    -    3,820 
Income/(loss) from Vessel Operations   -    -    -    (17)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    -    -    (17)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    -    -    (17)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    -    -    (17)
Reorganization Items, net   -    -    -    4,357 
Income/(loss) before Income Taxes   -    -    -    (4,373)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $-   $-   $-   $(4,373)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 131 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Wind Aframax Tanker Corporation   Combined
Debtors
 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $9,767   $260,164 
Time and bareboat charter revenues   -    -    32,256    551,786 
Voyage charter revenues   -    -    40,282    727,138 
    -    -    82,305    1,539,088 
Operating Expenses:                    
Voyage expenses   -    -    24,178    390,336 
Vessel expenses   -    (0)   21,096    390,553 
Charter hire expenses   -    10    13,412    320,506 
Depreciation and amortization   -    -    13,124    256,681 
General and administrative   -    -    5,773    104,533 
Goodwill and intangible assets impairment charge   -    -    -    16,293 
(Gain)/loss on disposal of vessels, including impairments   -    -    3    643,111 
Total Operating Expenses   -    10    77,586    2,122,013 
Income/(loss) from Vessel Operations   -    (10)   4,719    (582,926)
Equity in Income/(loss) of Affiliated Companies   -    -    2,888    59,270 
Operating Income/(loss)   -    (10)   7,607    (523,656)
Other Income/(expense)   -    -    (1,738)   (25,253)
Income/(loss) before Interest Expense and Income Taxes   -    (10)   5,869    (548,909)
Interest Expense   -    -    -    (338)
Income/(loss) before Reorganization Items and Income Taxes   -    (10)   5,869    (549,247)
Reorganization Items, net   -    -    8,667    406,201 
Income/(loss) before Income Taxes   -    (10)   (2,798)   (955,448)
Income Tax (Benefit)/Provision   -    -    1,656    (18,654)
Net Income/(Loss)  $-   $(10)  $(4,454)  $(936,794)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 132 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Eliminations   Consolidated
Debtors
 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $(1,554)  $9,767   $258,610 
Time and bareboat charter revenues   -    (9,756)   32,256    542,030 
Voyage charter revenues   -    -    40,282    727,138 
    -    (11,310)   82,305    1,527,778 
Operating Expenses:                    
Voyage expenses   -    -    24,178    390,336 
Vessel expenses   -    -    21,096    390,553 
Charter hire expenses   -    (11,310)   13,412    309,196 
Depreciation and amortization   -    -    13,124    256,681 
General and administrative   -    -    5,773    104,533 
Goodwill and intangible assets impairment charge   -    -    -    16,293 
(Gain)/loss on disposal of vessels, including impairments   -    -    3    643,111 
Total Operating Expenses   -    (11,310)   77,585    2,110,703 
Income/(loss) from Vessel Operations   -    -    4,720    (582,926)
Equity in Income/(loss) of Affiliated Companies   -    -    2,888    59,269 
Operating Income/(loss)   -    -    7,608    (523,657)
Other Income/(expense)   -    -    (1,738)   (25,253)
Income/(loss) before Interest Expense and Income Taxes   -    -    5,870    (548,910)
Interest Expense   -    -    -    (339)
Income/(loss) before Reorganization Items and Income Taxes   -    -    5,870    (549,249)
Reorganization Items, net   -    -    8,667    406,201 
Income/(loss) before Income Taxes   -    -    (2,797)   (955,450)
Income Tax (Benefit)/Provision   -    -    1,656    (18,654)
Net Income/(Loss)  $-   $-   $(4,453)  $(936,796)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 133 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Total
Non-Debtors
   Eliminations 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
   April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
                 
Shipping Revenues:                    
                     
Pool revenues  $(0)  $170   $-   $- 
Time and bareboat charter revenues   -    117    -    - 
Voyage charter revenues   -    (167)   -    - 
    (0)   120    -    - 
Operating Expenses:                    
Voyage expenses   -    (411)   -    - 
Vessel expenses   (28)   267    -    - 
Charter hire expenses   -    334    -    - 
Depreciation and amortization   (112)   (1,110)   -    - 
General and administrative   3,711    45,174    -    - 
Goodwill and intangible assets impairment charge   -    (79)   -    - 
(Gain)/loss on disposal of vessels, including impairments   -    84    -    - 
Total Operating Expenses   3,571    44,260    -    - 
Income/(loss) from Vessel Operations   (3,571)   (44,140)   -    - 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (3,571)   (44,140)   -    - 
Other Income/(expense)   1,800    26,533    -    - 
Income/(loss) before Interest Expense and Income Taxes   (1,771)   (17,607)   -    - 
Interest Expense   -    0    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (1,771)   (17,607)   -    - 
Reorganization Items, net   -    0    -    - 
Income/(loss) before Income Taxes   (1,771)   (17,607)   -    - 
Income Tax (Benefit)/Provision   24    4,126    -    - 
Net Income/(Loss)  $(1,795)  $(21,733)  $-   $- 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 134 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from April 1 - 30, 2014 and November 14, 2012 - April 30, 2014

 

   Consolidated Overseas Shipholding
Group, Inc.
 
(000s)  April 1 - 30, 2014   November 14,
2012 - April 30,
2014
 
         
Shipping Revenues:          
           
Pool revenues  $9,767   $258,779 
Time and bareboat charter revenues   32,256    542,147 
Voyage charter revenues   40,282    726,971 
    82,305    1,527,897 
Operating Expenses:          
Voyage expenses   24,178    389,925 
Vessel expenses   21,068    390,820 
Charter hire expenses   13,412    309,531 
Depreciation and amortization   13,012    255,571 
General and administrative   9,484    149,707 
Goodwill and intangible assets impairment charge   -    16,214 
(Gain)/loss on disposal of vessels, including impairments   3    643,194 
Total Operating Expenses   81,157    2,154,962 
Income/(loss) from Vessel Operations   1,148    (627,065)
Equity in Income/(loss) of Affiliated Companies   2,888    59,269 
Operating Income/(loss)   4,036    (567,796)
Other Income/(expense)   62    1,280 
Income/(loss) before Interest Expense and Income Taxes   4,098    (566,516)
Interest Expense   -    (339)
Income/(loss) before Reorganization Items and Income Taxes   4,098    (566,855)
Reorganization Items, net   8,667    406,201 
Income/(loss) before Income Taxes   (4,569)   (973,056)
Income Tax (Benefit)/Provision   1,680    (14,528)
Net Income/(Loss)  $(6,249)  $(958,528)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 135 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and April 30, 2014

 

   Overseas Shipholding Group, Inc.   OSG International, Inc.   OSG Bulk Ships, Inc.   1372 Tanker Corporation 
(000s)  November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $320,126   $154,962   $3,986   $149,894   $46,300   $8,183   $-   $- 
Voyage receivables   530    -    (990)   (756)   -    -    2,611    3,230 
Other receivables, including income taxes recoverable   5,011    11,681    13,363    748    746    41    27    17 
Inventory   -    -    -    -    -    -    -    3,257 
Prepaid expenses and other current assets   16,696    6,742    (133)   -    -    -    75    283 
Total Current Assets   342,364    173,384    16,227    149,886    47,046    8,223    2,713    6,787 
Vessels and other property, less accumulated depreciation   -    -    -    143    -    -    50,585    46,735 
Deferred drydock expenditures, net   -    -    -    -    -    -    2,212    1,559 
Total Vessels, Deferred Drydock and Other Property   -    -    -    143    -    -    52,797    48,294 
Investments in Affiliated Companies   38    453    (2,998)   41,546    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    - 
Investments in subsidiaries   816,000    816,000    2,036,505    2,036,512    1,512,260    1,512,260    -    - 
Intercompany loans receivable and accrued interest   267,376    276,472    180,732    154,813    -    -    -    - 
Pre-petition intercompany receivables from debtors   331,328    352,780    339,231    339,233    986,889    986,888    16,336    16,336 
Pre-petition Intercompany receivables from non-debtors   10,840    10,345    1,487,388    1,498,820    4,045    4,045    -    - 
Post-petition intercompany receivables from non-debtors   -    509    -    20,295    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    27,911    -    48,599    -    49,587    -    2,097 
Other Assets   0    9,172    6    27    237    153    21    (91)
Total Assets  $1,767,945   $1,667,027   $4,057,090   $4,289,873   $2,550,477   $2,561,157   $71,867   $73,423 
                                         
LIABILITIES AND (DEFICIT)/EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   8,019    279,100    -    305    55    1,350    1,150    309 
Total Current Liabilities Not Subject to Compromise   8,019    279,100    -    305    55    1,350    1,150    309 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    80,458    -    53,638    -    503 
Post-petition intercompany payables to non-debtors   -    -    -    30,162    -    5    -    4,368 
Post-petition intercompany payables to other debtors   -    16,002    -    211,469    -    9,613    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   724,132    406,702    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   732,151    701,805    -    322,394    55    64,608    1,150    5,180 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    227,716    152,549    50,033    33    -    - 
Pre-petition intercompany payables to non-debtors   12,677    12,677    317,740    317,740    59,165    59,165    28,127    28,120 
Pre-petition intercompany payables to other debtors   29,734    44,070    1,932,666    1,954,310    1,079,806    1,079,614    -    - 
Other liabilities   2,018,557    2,022,640    509    773    2,210    3,635    47,035    45,474 
Total  Liabilities Subject to Compromise   2,060,968    2,079,387    2,478,631    2,425,373    1,191,215    1,142,448    75,161    73,594 
                                         
Total Liabilities   2,793,118    2,781,192    2,478,631    2,747,767    1,191,270    1,207,056    76,311    78,774 
(Deficit)/Equity:                                        
Total Equity/(Deficit)   (1,025,174)   (1,114,165)   1,578,459    1,542,106    1,359,207    1,354,102    (4,444)   (5,351)
Total Liabilities and (Deficit)/Equity  $1,767,945   $1,667,027   $4,057,090   $4,289,873   $2,550,477   $2,561,157   $71,867   $73,423 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 136 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and April 30, 2014

 

   Africa Tanker Corporation   Alcesmar Limited   Alcmar Limited   Alpha Suezmax Corporation 
(000s)  November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   -    -    1,547    1,299    153    1,240    2,957    42 
Other receivables, including income taxes recoverable   (1)   (1)   11    57    (24)   5    2,741    - 
Inventory   -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   18    163    21    93    21    95    528    - 
Total Current Assets   18    163    1,579    1,449    150    1,340    6,226    42 
Vessels and other property, less accumulated depreciation   -    -    34,822    14,784    34,750    15,054    228    - 
Deferred drydock expenditures, net   -    -    674    895    401    902    1,800    - 
Total Vessels, Deferred Drydock and Other Property   -    -    35,496    15,679    35,151    15,956    2,028    - 
Investments in Affiliated Companies   231,376    278,993    300    300    600    300    -    - 
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   -    -    -    2,633    -    1,515    -    4,969 
Other Assets   -    -    (13)   (1)   0    (7)   55    - 
Total Assets  $495,057   $542,820   $41,292   $23,990   $43,827   $27,029   $14,825   $11,527 
                                         
LIABILITIES AND (DEFICIT)/EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   -    -    44    84    708    757    116    90 
Total Current Liabilities Not Subject to Compromise   -    -    44    84    708    757    116    90 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    537    -    504    -    - 
Post-petition intercompany payables to other debtors   -    385    -    -    -    -    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   43    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   43    385    44    621    708    1,262    116    90 
                                         
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   -    -    19,883    19,726    19,883    19,726    -    13,450 
Total  Liabilities Subject to Compromise   56    56    26,940    26,783    27,811    27,654    29,620    43,070 
                                         
Total Liabilities   99    441    26,984    27,404    28,519    28,916    29,736    43,160 
(Deficit)/Equity:                                        
Total Equity/(Deficit)   494,959    542,379    14,308    (3,414)   15,308    (1,887)   (14,912)   (31,633)
Total Liabilities and (Deficit)/Equity  $495,057   $542,820   $41,292   $23,990   $43,827   $27,029   $14,825   $11,527 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 137 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and April 30, 2014

 

   Alpha Tanker Corporation   Amalia Product Corporation   Ambermar Product Carrier
Corporation
   Ambermar Tanker Corporation 
(000s)  November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   (62)   (64)   2,562    1,925    1,417    1,268    (22)   - 
Other receivables, including income taxes recoverable   131    -    6    38    14    71    -    - 
Inventory   -    -    38    -    318    29    -    - 
Prepaid expenses and other current assets   -    -    388    130    21    106    1,071    - 
Total Current Assets   69    (64)   2,995    2,093    1,769    1,474    1,049    - 
Vessels and other property, less accumulated depreciation   -    -    51,954    47,478    26,361    9,660    -    - 
Deferred drydock expenditures, net   -    -    1,747    1,058    1,657    1,094    -    - 
Total Vessels, Deferred Drydock and Other Property   -    -    53,701    48,536    28,018    10,754    -    - 
Investments in Affiliated Companies   -    -    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   -    -    -    7,927    -    4,406    -    1,317 
Other Assets   -    -    (1)   (1)   33    43    -    (281)
Total Assets  $707   $573   $64,121   $65,382   $45,929   $32,786   $1,934   $1,922 
                                         
LIABILITIES AND (DEFICIT)/EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   -    -    41    491    374    1,190    4    - 
Total Current Liabilities Not Subject to Compromise   -    -    41    491    374    1,190    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   -    -    -    -    -    -    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   -    -    41    491    374    1,190    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    6,816    17,787    18,603    844    840 
(Deficit)/Equity:                                        
Total Equity/(Deficit)   560    427    57,755    58,566    28,142    14,183    1,090    1,082 
Total Liabilities and (Deficit)/Equity  $707   $573   $64,121   $65,382   $45,929   $32,786   $1,934   $1,922 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 138 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and April 30, 2014

 

   Andromar Limited   Antigmar Limited   Aqua Tanker Corporation   Aquarius Tanker Corporation 
(000s)  November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   1,480    1,494    270    1,345    455    449    2,193    - 
Other receivables, including income taxes recoverable   20    39    (27)   (23)   3,779    4,038    15    - 
Inventory   -    -    484    -    -    -    150    - 
Prepaid expenses and other current assets   23    114    21    99    4,651    4,651    273    - 
Total Current Assets   1,523    1,647    748    1,421    8,884    9,137    2,631    - 
Vessels and other property, less accumulated depreciation   35,473    14,952    35,287    15,078    -    -    -    - 
Deferred drydock expenditures, net   534    935    395    139    -    -    -    - 
Total Vessels, Deferred Drydock and Other Property   36,006    15,887    35,682    15,217    -    -    -    - 
Investments in Affiliated Companies   600    300    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   -    3,108    -    2,867    -    -    -    2,127 
Other Assets   (20)   (15)   (24)   -    -    -    -    - 
Total Assets  $52,947   $35,764   $52,233   $35,333   $9,523   $9,776   $22,146   $21,642 
                                         
LIABILITIES AND (DEFICIT)/EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   928    424    469    148    57    113    478    2 
Total Current Liabilities Not Subject to Compromise   928    424    469    148    57    113    478    2 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    1,365    -    508    -    -    -    - 
Post-petition intercompany payables to other debtors   -    -    -    -    -    3    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   928    1,789    469    656    57    116    478    2 
                                         
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   19,883    19,726    19,950    19,726    -    -    -    2,343 
Total  Liabilities Subject to Compromise   36,498    36,340    37,731    37,507    1,997    1,997    23,009    25,352 
                                         
Total Liabilities   37,426    38,130    38,200    38,163    2,053    2,113    23,487    25,354 
(Deficit)/Equity:                                        
Total Equity/(Deficit)   15,521    (2,366)   14,033    (2,830)   7,470    7,663    (1,340)   (3,712)
Total Liabilities and (Deficit)/Equity  $52,947   $35,764   $52,233   $35,333   $9,523   $9,776   $22,146   $21,642 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 139 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and April 30, 2014

 

   Ariadmar Limited   Aspro Tanker Corporation   Atalmar Limited   Athens Product Tanker Corporation 
(000s)  November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   1,578    1,347    330    326    1,936    1,358    1,699    1,747 
Other receivables, including income taxes recoverable   6    (8)   26    -    2    22    (4)   29 
Inventory   -    -    -    -    182    383    323    384 
Prepaid expenses and other current assets   29    98    31    -    23    98    19    116 
Total Current Assets   1,612    1,437    386    326    2,143    1,862    2,037    2,276 
Vessels and other property, less accumulated depreciation   35,133    14,773    -    -    35,037    14,797    41,872    39,529 
Deferred drydock expenditures, net   762    119    -    -    726    170    -    - 
Total Vessels, Deferred Drydock and Other Property   35,895    14,892    -    -    35,762    14,967    41,872    39,529 
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   -    4,204    -    -    -    4,105    -    6,048 
Other Assets   (37)   3    -    -    (114)   (1)   2    - 
Total Assets  $42,631   $25,696   $2,130   $2,070   $50,976   $34,116   $43,926   $47,869 
                                         
LIABILITIES AND (DEFICIT)/EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   42    82    -    -    571    485    63    420 
Total Current Liabilities Not Subject to Compromise   42    82    -    -    571    485    63    420 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    400    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    -    -    -    -    -    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   42    482    -    -    571    485    63    420 
                                         
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   19,883    19,726    -    -    -    -    -    - 
Total  Liabilities Subject to Compromise   28,093    27,936    1,193    1,193    10,045    10,045    42,788    42,788 
                                         
Total Liabilities   28,135    28,417    1,193    1,193    10,616    10,530    42,851    43,208 
(Deficit)/Equity:                                        
Total Equity/(Deficit)   14,496    (2,722)   936    876    40,360    23,586    1,075    4,660 
Total Liabilities and (Deficit)/Equity  $42,631   $25,696   $2,130   $2,070   $50,976   $34,116   $43,926   $47,869 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 140 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and April 30, 2014

 

   Atlas Chartering Corporation   Aurora Shipping Corporation   Avila Tanker Corporation   Batangas Tanker Corporation 
(000s)  November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   904    -    3,187    896    171    168    -    1,392 
Other receivables, including income taxes recoverable   -    -    28    47    (53)   -    -    68 
Inventory   433    -    -    4,163    -    -    -    - 
Prepaid expenses and other current assets   605    -    96    331    221    -    -    137 
Total Current Assets   1,941    -    3,311    5,437    339    168    -    1,597 
Vessels and other property, less accumulated depreciation   -    -    38,944    35,932    -    -    59,564    70,099 
Deferred drydock expenditures, net   -    -    1,486    750    -    -    -    - 
Total Vessels, Deferred Drydock and Other Property   -    -    40,429    36,682    -    -    59,564    70,099 
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   -    1,798    -    2,405    -    -    -    - 
Other Assets   (9)   -    (37)   (8)   -    -    -    - 
Total Assets  $24,241   $24,107   $56,032   $56,845   $1,611   $1,440   $81,926   $94,057 
                                         
LIABILITIES AND (DEFICIT)/EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   59    1    321    3,671    249    -    -    114 
Total Current Liabilities Not Subject to Compromise   59    1    321    3,671    249    -    -    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   -    -    -    -    -    -    -    10,389 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   59    1    321    3,671    249    -    -    10,503 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    57,592    57,592 
Pre-petition intercompany payables to non-debtors   25,381    25,381    6,453    6,453    -    -    24,229    24,229 
Pre-petition intercompany payables to other debtors   365    365    7    7    1,208    1,208    5    5 
Other liabilities   -    4,375    -    -    -    -    -    - 
Total  Liabilities Subject to Compromise   25,746    30,121    6,460    6,460    1,208    1,208    81,826    81,826 
                                         
Total Liabilities   25,805    30,122    6,782    10,132    1,457    1,208    81,826    92,329 
(Deficit)/Equity:                                        
Total Equity/(Deficit)   (1,564)   (6,015)   49,250    46,714    154    231    100    1,728 
Total Liabilities and (Deficit)/Equity  $24,241   $24,107   $56,032   $56,845   $1,611   $1,440   $81,926   $94,057 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 141 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and April 30, 2014

 

   Beta Aframax Corporation   Brooklyn Product Tanker
Corporation
   Cabo Hellas Limited   Cabo Sounion Limited 
(000s)  November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   697    444    710    -    195    0    205    3 
Other receivables, including income taxes recoverable   13    -    (3)   -    22    (3)   (9)   29 
Inventory   -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   44    -    -    -    47    116    33    126 
Total Current Assets   753    444    707    -    264    113    230    158 
Vessels and other property, less accumulated depreciation   141    -    -    -    36,005    16,535    37,294    17,139 
Deferred drydock expenditures, net   65    -    -    -    358    1,639    306    1,513 
Total Vessels, Deferred Drydock and Other Property   206    -    -    -    36,364    18,174    37,600    18,653 
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    9,741    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   -    -    -    453    -    262    -    165 
Other Assets   105    -    (3)   (1)   -    37    (41)   - 
Total Assets  $11,345   $10,185   $28,802   $28,550   $62,901   $44,860   $65,032   $46,219 
                                         
LIABILITIES AND (DEFICIT)/EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   609    -    279    (0)   461    584    489    616 
Total Current Liabilities Not Subject to Compromise   609    -    279    (0)   461    584    489    616 
                                         
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   -    360    -    -    -    -    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   (854)   -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   (245)   360    279    (0)   461    584    489    616 
                                         
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    47,620    17,008    17,008    17,774    17,774 
Other liabilities   -    30,823    -    -    -    -    -    - 
Total  Liabilities Subject to Compromise   15,771    46,594    48,010    47,990    20,350    20,350    20,753    20,753 
                                         
Total Liabilities   15,526    46,955    48,289    47,990    20,811    20,934    21,242    21,369 
(Deficit)/Equity:                                        
Total Equity/(Deficit)   (4,181)   (36,770)   (19,488)   (19,441)   42,091    23,926    43,790    24,849 
Total Liabilities and (Deficit)/Equity  $11,345   $10,185   $28,802   $28,550   $62,901   $44,860   $65,032   $46,219 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 142 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and April 30, 2014

 

   Caribbean Tanker Corporation   Carina Tanker Corporation   Carl Product Corporation   Concept Tanker Corporation 
(000s)  November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   887    1,820    908    -    2,622    249    1,991    1,369 
Other receivables, including income taxes recoverable   908    3    -    -    11    14    -    - 
Inventory   344    1,033    752    -    -    -    -    - 
Prepaid expenses and other current assets   54    185    3    -    33    135    241    343 
Total Current Assets   2,194    3,041    1,662    -    2,667    398    2,232    1,712 
Vessels and other property, less accumulated depreciation   22,147    5,043    -    -    51,896    47,543    -    - 
Deferred drydock expenditures, net   789    654    -    -    1,873    1,151    -    - 
Total Vessels, Deferred Drydock and Other Property   22,935    5,697    -    -    53,768    48,694    -    - 
Investments in Affiliated Companies   -    -    -    -    612    -    300    300 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   28,974    28,974    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   -    1,274    -    2,220    -    7,795    -    941 
Other Assets   14    (22)   -    -    (58)   78    -    - 
Total Assets  $54,135   $38,981   $20,251   $20,809   $63,377   $63,353   $10,027   $10,448 
                                         
LIABILITIES AND (DEFICIT)/EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   651    390    19    25    102    1,330    -    - 
Total Current Liabilities Not Subject to Compromise   651    390    19    25    102    1,330    -    - 
                                         
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   -    1,254    -    -    -    -    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    493    - 
Total Liabilities Not Subject to Compromise   651    1,644    19    25    102    1,330    493    - 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   20,445    20,445    24,230    24,230    6,327    6,327    11,522    11,522 
Pre-petition intercompany payables to other debtors   3,073    3,073    -    -    2    2    1    1 
Other liabilities   -    -    -    4,100    -    -    -    2,726 
Total  Liabilities Subject to Compromise   23,518    23,518    24,230    28,330    6,330    6,330    11,523    14,249 
                                         
Total Liabilities   24,169    25,162    24,249    28,355    6,431    7,660    12,015    14,249 
(Deficit)/Equity:                                        
Total Equity/(Deficit)   29,966    13,819    (3,998)   (7,547)   56,946    55,694    (1,989)   (3,801)
Total Liabilities and (Deficit)/Equity  $54,135   $38,981   $20,251   $20,809   $63,377   $63,353   $10,027   $10,448 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 143 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and April 30, 2014

 

   Crown Tanker Corporation   Delphina Tanker Corporation   Delta Aframax Corporation   DHT Ania Aframax Corp. 
(000s)  November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $1   $1   $-   $- 
Voyage receivables   90    -    -    -    758    1,011    (40)   - 
Other receivables, including income taxes recoverable   -    -    -    -    4    22    (15)   - 
Inventory   -    -    -    -    -    1,375    -    - 
Prepaid expenses and other current assets   -    -    -    -    42    167    (60)   - 
Total Current Assets   90    -    -    -    805    2,577    (115)   - 
Vessels and other property, less accumulated depreciation   -    -    -    -    56,274    28,891    -    - 
Deferred drydock expenditures, net   -    -    -    -    43    1,406    -    - 
Total Vessels, Deferred Drydock and Other Property   -    -    -    -    56,317    30,297    -    - 
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   -    129    -    -    -    1,536    -    - 
Other Assets   -    -    -    -    (47)   (160)   -    - 
Total Assets  $522   $560   $-   $-   $60,949   $38,124   $1,481   $1,596 
                                         
LIABILITIES AND (DEFICIT)/EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   -    -    -    -    660    2,352    -    - 
Total Current Liabilities Not Subject to Compromise   -    -    -    -    660    2,352    -    - 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    3,552    -    - 
Post-petition intercompany payables to other debtors   -    -    -    -    -    -    -    59 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   -    -    -    -    660    5,904    -    59 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   83    83    -    -    7,653    7,649    1,337    1,341 
Pre-petition intercompany payables to other debtors   18    18    -    -    2    2    -    - 
Other liabilities   10    10    -    -    36,791    35,394    -    45 
Total  Liabilities Subject to Compromise   111    111    -    -    44,446    43,045    1,337    1,387 
                                         
Total Liabilities   111    111    -    -    45,105    48,948    1,337    1,446 
(Deficit)/Equity:                                        
Total Equity/(Deficit)   410    449    -    -    15,844    (10,824)   144    150 
Total Liabilities and (Deficit)/Equity  $522   $560   $-   $-   $60,949   $38,124   $1,481   $1,596 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 144 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and April 30, 2014

 

   DHT Ann VLCC Corp.   DHT Cathy Aframax Corp.   DHT Chris VLCC Corp.   DHT Rebecca Aframax Corp. 
(000s)  November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   3,455    34    1,711    272    2,422    25    243    237 
Other receivables, including income taxes recoverable   687    -    883    -    44    -    373    - 
Inventory   -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   579    -    409    -    479    -    -    - 
Total Current Assets   4,721    34    3,003    272    2,945    25    616    237 
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   -    3,080    -    1,135    -    2,733    -    51 
Other Assets   (1)   -    (5)   -    -    -    51    - 
Total Assets  $37,873   $36,266   $17,655   $16,064   $30,772   $30,585   $2,608   $2,229 
                                         
LIABILITIES AND (DEFICIT)/EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   285    -    -    -    100    -    -    - 
Total Current Liabilities Not Subject to Compromise   285    -    -    -    100    -    -    - 
                                         
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/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   285    -    -    -    100    -    -    - 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   28,300    27,613    18,440    17,564    22,718    22,394    1,046    673 
Pre-petition intercompany payables to other debtors   -    -    1    1    955    955    835    835 
Other liabilities   -    380    -    44    -    334    -    - 
Total  Liabilities Subject to Compromise   28,300    27,993    18,441    17,609    23,673    23,683    1,881    1,508 
                                         
Total Liabilities   28,585    27,993    18,441    17,609    23,773    23,683    1,881    1,508 
(Deficit)/Equity:                                        
Total Equity/(Deficit)   9,288    8,274    (786)   (1,545)   6,999    6,903    727    721 
Total Liabilities and (Deficit)/Equity  $37,873   $36,266   $17,655   $16,064   $30,772   $30,585   $2,608   $2,229 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 145 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and April 30, 2014

 

   DHT Regal Unity VLCC Corp.   DHT Sophie Aframax Corp.   Dignity Chartering Corporation   Edindun Shipping Corporation 
(000s)  November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   1,247    8    581    261    3,016    45    -    - 
Other receivables, including income taxes recoverable   750    -    865    -    8    -    -    - 
Inventory   -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   -    -    (31)   -    511    -    -    - 
Total Current Assets   1,997    8    1,415    261    3,534    45    -    - 
Vessels and other property, less accumulated depreciation   -    -    -    -    483    -    -    - 
Deferred drydock expenditures, net   -    -    -    -    1,422    -    -    - 
Total Vessels, Deferred Drydock and Other Property   -    -    -    -    1,905    -    -    - 
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   -    1,214    -    199    -    2,181    -    - 
Other Assets   -    -    0    -    26    23    -    - 
Total Assets  $15,262   $14,487   $11,965   $11,011   $14,624   $11,407   $-   $- 
                                         
LIABILITIES AND (DEFICIT)/EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   -    -    7    -    162    3    -    - 
Total Current Liabilities Not Subject to Compromise   -    -    7    -    162    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   -    -    -    -    -    -    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   -    -    7    -    162    3    -    - 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   16,475    15,769    12,505    11,677    26,406    26,407    -    - 
Pre-petition intercompany payables to other debtors   -    -    -    -    0    0    -    - 
Other liabilities   -    213    -    -    -    32,550    -    - 
Total  Liabilities Subject to Compromise   16,475    15,982    12,505    11,677    26,407    58,957    -    - 
                                         
Total Liabilities   16,475    15,982    12,512    11,677    26,569    58,960    -    - 
(Deficit)/Equity:                                        
Total Equity/(Deficit)   (1,213)   (1,495)   (547)   (667)   (11,944)   (47,552)   -    - 
Total Liabilities and (Deficit)/Equity  $15,262   $14,487   $11,965   $11,011   $14,624   $11,407   $-   $- 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 146 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and April 30, 2014

 

   Eighth Aframax Tanker Corporation   Epsilon Aframax Corporation   First Chemical Carrier Corporation   First LPG Tanker Corporation 
(000s)  November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $1   $1   $-   $-   $-   $- 
Voyage receivables   1,427    1,516    1,703    1,562    22    19    287    39 
Other receivables, including income taxes recoverable   33    16    73    (11)   -    -    0    - 
Inventory   -    718    -    -    -    -    (0)   - 
Prepaid expenses and other current assets   46    160    42    151    335    3    0    - 
Total Current Assets   1,506    2,409    1,819    1,703    357    22    288    39 
Vessels and other property, less accumulated depreciation   23,283    21,474    56,928    29,062    -    -    -    - 
Deferred drydock expenditures, net   1,671    1,079    -    133    -    -    -    - 
Total Vessels, Deferred Drydock and Other Property   24,954    22,553    56,928    29,194    -    -    -    - 
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   -    3,306    -    1,629    -    -    -    240 
Other Assets   85    89    108    49    -    -    -    - 
Total Assets  $33,715   $35,528   $61,238   $34,959   $6,113   $5,777   $7,341   $7,332 
                                         
LIABILITIES AND (DEFICIT)/EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   119    1,052    423    191    2,054    0    995    986 
Total Current Liabilities Not Subject to Compromise   119    1,052    423    191    2,054    0    995    986 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    744    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    713    -    -    -    - 
Post-petition intercompany payables to other debtors   -    -    -    -    -    908    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   119    1,052    423    1,647    2,054    908    995    986 
                                         
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)   36,792    35,394    -    -    -    - 
Total  Liabilities Subject to Compromise   32,833    32,833    44,432    43,034    8,117    8,117    5,815    5,815 
                                         
Total Liabilities   32,952    33,884    44,854    44,682    10,170    9,025    6,810    6,801 
(Deficit)/Equity:                                        
Total Equity/(Deficit)   763    1,643    16,383    (9,723)   (4,058)   (3,247)   531    530 
Total Liabilities and (Deficit)/Equity  $33,715   $35,528   $61,238   $34,959   $6,113   $5,777   $7,341   $7,332 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 147 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and April 30, 2014

 

   First Union Tanker Corporation   Fourth Aframax Tanker Corporation   Front President Inc.   Goldmar Limited 
(000s)  November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $1   $1   $-   $- 
Voyage receivables   2,635    4,079    924    403    2,991    4,321    2,099    2,618 
Other receivables, including income taxes recoverable   7    12    53    2    179    23    0    7 
Inventory   -    -    893    -    -    -    -    - 
Prepaid expenses and other current assets   107    395    216    7    90    255    33    130 
Total Current Assets   2,749    4,486    2,086    412    3,261    4,600    2,132    2,755 
Vessels and other property, less accumulated depreciation   38,368    19,845    21,167    -    105,641    99,712    34,252    14,620 
Deferred drydock expenditures, net   2,032    579    1,676    -    -    145    1,546    1,250 
Total Vessels, Deferred Drydock and Other Property   40,401    20,424    22,843    -    105,641    99,857    35,798    15,870 
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    30,407    30,407    65,978    65,978    19,307    19,307 
Pre-petition Intercompany receivables from non-debtors   117    117    0    0    0    0    8    8 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    286    -    13,411    -    4,228    -    5,420 
Other Assets   421    (4)   107    9    61    -    67    - 
Total Assets  $65,438   $47,059   $55,442   $44,238   $174,942   $174,663   $57,955   $44,002 
                                         
LIABILITIES AND (DEFICIT)/EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   525    417    65    231    239    224    39    456 
Total Current Liabilities Not Subject to Compromise   525    417    65    231    239    224    39    456 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    768    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    621    -    - 
Post-petition intercompany payables to other debtors   -    -    -    1,557    -    -    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   525    417    65    1,788    239    1,613    39    456 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   11,373    11,407    22,491    22,528    12,424    12,424    5,499    5,499 
Pre-petition intercompany payables to other debtors   10    10    3,432    3,432    3    3    11,659    11,659 
Other liabilities   -    -    -    307    68,723    66,094    -    - 
Total  Liabilities Subject to Compromise   11,383    11,417    25,923    26,267    81,150    78,520    17,158    17,158 
                                         
Total Liabilities   11,908    11,835    25,988    28,055    81,389    80,134    17,198    17,614 
(Deficit)/Equity:                                        
Total Equity/(Deficit)   53,530    35,224    29,454    16,183    93,553    94,529    40,757    26,388 
Total Liabilities and (Deficit)/Equity  $65,438   $47,059   $55,442   $44,238   $174,942   $174,663   $57,955   $44,002 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 148 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and April 30, 2014

 

   GPC Aframax Corporation   Grace Chartering Corporation   International Seaways, Inc.   Jademar Limited 
(000s)  November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   1,818    118    1,564    (8)   5,877    8,490    2,067    2,584 
Other receivables, including income taxes recoverable   25    2    -    -    75    (1)   21    (20)
Inventory   -    -    -    -    -    2,101    -    - 
Prepaid expenses and other current assets   470    -    242    -    917    2,220    29    112 
Total Current Assets   2,312    120    1,806    (8)   6,869    12,810    2,116    2,676 
Vessels and other property, less accumulated depreciation   77    82    -    -    -    -    35,721    14,977 
Deferred drydock expenditures, net   16    -    -    -    -    626    1,321    930 
Total Vessels, Deferred Drydock and Other Property   93    82    -    -    -    626    37,042    15,907 
Investments in Affiliated Companies   -    -    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    6,486    6,486    15,356    15,356    33,198    33,198 
Pre-petition Intercompany receivables from non-debtors   9,871    9,871    2    2    49    49    5,584    5,584 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    19    -    2,041    -    6,062    -    6,220 
Other Assets   (185)   (43)   -    -    -    33    (34)   - 
Total Assets  $13,551   $11,509   $8,594   $8,520   $22,274   $34,935   $78,326   $64,005 
                                         
LIABILITIES AND (DEFICIT)/EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   224    7    -    -    5    2,958    53    412 
Total Current Liabilities Not Subject to Compromise   224    7    -    -    5    2,958    53    412 
                                         
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   -    -    -    -    -    5,072    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   (1,626)   -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    124    -    - 
Total Liabilities Not Subject to Compromise   (1,402)   7    -    -    5    8,154    53    412 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   21,856    21,856    9,511    9,511    21,891    21,891    6,402    6,402 
Pre-petition intercompany payables to other debtors   1    1    -    -    7,825    7,825    32,050    32,050 
Other liabilities   -    20,304    -    879    0    -    -    - 
Total  Liabilities Subject to Compromise   21,857    42,161    9,511    10,391    29,716    29,716    38,453    38,453 
                                         
Total Liabilities   20,455    42,168    9,511    10,391    29,721    37,870    38,506    38,865 
(Deficit)/Equity:                                        
Total Equity/(Deficit)   (6,905)   (30,659)   (918)   (1,870)   (7,448)   (2,935)   39,820    25,140 
Total Liabilities and (Deficit)/Equity  $13,551   $11,509   $8,594   $8,520   $22,274   $34,935   $78,326   $64,005 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 149 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and April 30, 2014

 

   Joyce Car Carrier Corporation   Juneau Tanker Corporation   Kimolos Tanker Corporation   Kythnos Chartering Corporation 
(000s)  November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   -    -    -    -    2,143    2,395    1,368    1,452 
Other receivables, including income taxes recoverable   (19)   -    -    -    21    17    42    54 
Inventory   -    -    -    -    524    966    216    446 
Prepaid expenses and other current assets   0    -    -    -    240    309    263    103 
Total Current Assets   (19)   -    -    -    2,928    3,688    1,889    2,056 
Vessels and other property, less accumulated depreciation   -    -    -    -    982    724    35,080    33,042 
Deferred drydock expenditures, net   -    -    -    -    164    707    -    88 
Total Vessels, Deferred Drydock and Other Property   -    -    -    -    1,146    1,431    35,080    33,129 
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   -    -    -    -    -    -    -    4,852 
Other Assets   (198)   4    -    -    (22)   (1)   (20)   - 
Total Assets  $27,112   $27,333   $10,114   $10,114   $17,441   $18,506   $55,771   $58,859 
                                         
LIABILITIES AND (DEFICIT)/EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   56    81    -    -    719    231    99    543 
Total Current Liabilities Not Subject to Compromise   56    81    -    -    719    231    99    543 
                                         
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   -    150    -    -    -    2,666    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   56    231    -    -    719    2,897    99    543 
                                         
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   -    -    -    -    -    14,130    -    - 
Total  Liabilities Subject to Compromise   5,558    5,558    8,114    8,114    23,418    37,548    15,205    15,205 
                                         
Total Liabilities   5,614    5,790    8,114    8,114    24,137    40,445    15,304    15,748 
(Deficit)/Equity:                                        
Total Equity/(Deficit)   21,498    21,544    2,000    2,000    (6,696)   (21,938)   40,468    43,111 
Total Liabilities and (Deficit)/Equity  $27,112   $27,333   $10,114   $10,114   $17,441   $18,506   $55,771   $58,859 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 150 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and April 30, 2014

 

   Leo Tanker Corporation   Leyte Product Tanker Corporation   Limar Charter Corporation   Luxmar Product Tanker
Corporation
 
(000s)  November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   2,865    -    2,668    2,633    812    -    410    1,392 
Other receivables, including income taxes recoverable   -    -    23    5    27    -    -    39 
Inventory   259    -    479    -    206    -    52    426 
Prepaid expenses and other current assets   273    -    27    135    246    -    (9)   106 
Total Current Assets   3,397    -    3,198    2,773    1,290    -    454    1,963 
Vessels and other property, less accumulated depreciation   -    -    55,430    33,411    199    -    23,904    6,238 
Deferred drydock expenditures, net   -    -    -    76    3,322    -    482    705 
Total Vessels, Deferred Drydock and Other Property   -    -    55,430    33,487    3,521    -    24,386    6,942 
Investments in Affiliated Companies   -    -    -    904    -    -    -    - 
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   -    2,288    -    4,533    -    613    -    - 
Other Assets   -    -    30    (9)   (26)   -    -    (23)
Total Assets  $22,868   $21,759   $65,649   $48,680   $13,253   $9,080   $48,847   $32,889 
                                         
LIABILITIES AND (DEFICIT)/EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   745    1    1,398    137    1,021    662    636    478 
Total Current Liabilities Not Subject to Compromise   745    1    1,398    137    1,021    662    636    478 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    137    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    553    -    -    -    - 
Post-petition intercompany payables to other debtors   -    -    -    -    -    -    -    643 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    972    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    60    -    -    - 
Total Liabilities Not Subject to Compromise   745    1    1,398    827    2,053    662    636    1,121 
                                         
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   -    2,421    41,435    40,998    -    5,232    -    - 
Total  Liabilities Subject to Compromise   23,812    26,233    66,734    66,296    26,423    31,655    35,612    35,612 
                                         
Total Liabilities   24,557    26,234    68,131    67,123    28,476    32,317    36,248    36,733 
(Deficit)/Equity:                                        
Total Equity/(Deficit)   (1,689)   (4,476)   (2,482)   (18,442)   (15,223)   (23,237)   12,600    (3,844)
Total Liabilities and (Deficit)/Equity  $22,868   $21,759   $65,649   $48,680   $13,253   $9,080   $48,847   $32,889 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 151 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and April 30, 2014

 

   Luxmar Tanker LLC   Majestic Tankers Corporation   Oak Tanker Corporation   Maremar Product Tanker
Corporation
 
(000s)  November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $1   $1   $-   $- 
Voyage receivables   0    -    2,926    4,283    (430)   4,017    -    - 
Other receivables, including income taxes recoverable   12    -    21    120    86    125    -    - 
Inventory   -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   -    -    86    315    62    278    -    - 
Total Current Assets   12    -    3,032    4,718    (282)   4,421    -    - 
Vessels and other property, less accumulated depreciation   -    -    40,698    18,945    141,583    73,349    -    - 
Deferred drydock expenditures, net   0    -    2,099    216    -    -    -    - 
Total Vessels, Deferred Drydock and Other Property   0    -    42,797    19,161    141,583    73,349    -    - 
Investments in Affiliated Companies   -    -    -    -    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   -    -    -    -    -    2,624    -    12 
Other Assets   13    66    (2)   (0)   -    -    9    - 
Total Assets  $56,818   $56,858   $57,181   $35,232   $144,970   $80,434   $108   $111 
                                         
LIABILITIES AND (DEFICIT)/EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   121    50    461    146    424    114    -    - 
Total Current Liabilities Not Subject to Compromise   121    50    461    146    424    114    -    - 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    970    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    666    -    - 
Post-petition intercompany payables to other debtors   -    254    -    1,456    -    -    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   121    305    461    1,603    424    1,750    -    - 
                                         
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   -    -    -    -    85,862    83,289    -    - 
Total  Liabilities Subject to Compromise   32,351    32,351    10,487    10,487    145,514    142,942    8    8 
                                         
Total Liabilities   32,472    32,656    10,949    12,090    145,938    144,692    8    8 
(Deficit)/Equity:                                        
Total Equity/(Deficit)   24,346    24,202    46,232    23,143    (968)   (64,258)   100    103 
Total Liabilities and (Deficit)/Equity  $56,818   $56,858   $57,181   $35,232   $144,970   $80,434   $108   $111 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 152 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and April 30, 2014

 

   Maremar Tanker LLC   Marilyn Vessel Corporation   Maritrans General Partner Inc.   Maritrans Operating Company L.P. 
(000s)  November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   3,112    161    -    -    -    -    -    - 
Other receivables, including income taxes recoverable   427    (2)   -    -    -    -    -    - 
Inventory   198    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   36    5    -    -    -    -    -    - 
Total Current Assets   3,772    164    -    -    -    -    -    - 
Vessels and other property, less accumulated depreciation   24,600    7,573    -    -    -    -    -    - 
Deferred drydock expenditures, net   310    -    -    -    -    -    -    - 
Total Vessels, Deferred Drydock and Other Property   24,910    7,573    -    -    -    -    -    - 
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    901    901    -    -    53,629    53,629 
Pre-petition Intercompany receivables from non-debtors   -    -    52    52    -    -    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    4,631    -    -    -    -    -    - 
Other Assets   (216)   56    -    -    -    -    -    - 
Total Assets  $68,802   $52,759   $953   $953   $(385)  $(385)  $53,629   $53,629 
                                         
LIABILITIES AND (DEFICIT)/EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   726    157    -    -    -    -    -    - 
Total Current Liabilities Not Subject to Compromise   726    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   -    -    -    -    -    -    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   726    157    -    -    -    -    -    - 
                                         
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    31,168    -    -    146    146    7    7 
(Deficit)/Equity:                                        
Total Equity/(Deficit)   37,064    21,591    953    953    (531)   (531)   53,622    53,622 
Total Liabilities and (Deficit)/Equity  $68,802   $52,759   $953   $953   $(385)  $(385)  $53,629   $53,629 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 153 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and April 30, 2014

 

   Milos Product Tanker Corporation   Mindanao Tanker Corporation   Mykonos Tanker LLC   Nedimar Charter Corporation 
(000s)  November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   1,078    2,172    -    -    881    3,342    1,553    (9)
Other receivables, including income taxes recoverable   (12)   14    -    -    -    449    (5)   (5)
Inventory   733    175    -    -    55    672    333    - 
Prepaid expenses and other current assets   25    96    -    -    24    32    256    - 
Total Current Assets   1,824    2,457    -    -    959    4,496    2,137    (14)
Vessels and other property, less accumulated depreciation   42,284    39,882    34,414    61,299    47,429    44,521    47    - 
Deferred drydock expenditures, net   -    -    -    -    -    68    1,379    - 
Total Vessels, Deferred Drydock and Other Property   42,284    39,882    34,414    61,299    47,429    44,589    1,426    - 
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    47,615    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   -    5,385    -    -    -    7,444    -    712 
Other Assets   -    -    -    -    -    28    (41)   (2)
Total Assets  $44,109   $47,723   $34,554   $61,439   $96,023   $104,172   $15,991   $13,164 
                                         
LIABILITIES AND (DEFICIT)/EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   114    503    -    32    277    1,051    591    2 
Total Current Liabilities Not Subject to Compromise   114    503    -    32    277    1,051    591    2 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    10,800    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    -    -    16,065    -    -    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    1,339    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    197    - 
Total Liabilities Not Subject to Compromise   114    503    -    26,898    277    1,051    2,127    2 
                                         
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   -    -    -    -    -    -    -    5,946 
Total  Liabilities Subject to Compromise   42,059    42,059    34,454    34,454    74,289    74,289    24,346    30,292 
                                         
Total Liabilities   42,173    42,562    34,454    61,351    74,566    75,340    26,473    30,294 
(Deficit)/Equity:                                        
Total Equity/(Deficit)   1,936    5,162    100    87    21,457    28,832    (10,482)   (17,130)
Total Liabilities and (Deficit)/Equity  $44,109   $47,723   $34,554   $61,439   $96,023   $104,172   $15,991   $13,164 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 154 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and April 30, 2014

 

   Maple Tanker Corporation   Ocean Bulk Ships, Inc.   Oceania Tanker Corporation   OSG 192 LLC 
(000s)  November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $1   $1   $-   $-   $-   $-   $-   $- 
Voyage receivables   (234)   4,584    -    -    2,100    -    (20)   - 
Other receivables, including income taxes recoverable   115    164    -    -    114    67    -    - 
Inventory   -    -    -    -    -    878    -    - 
Prepaid expenses and other current assets   61    260    -    -    96    194    9    38 
Total Current Assets   (57)   5,009    -    -    2,310    1,139    (11)   38 
Vessels and other property, less accumulated depreciation   138,736    68,828    -    -    79,751    45,471    9,219    6,937 
Deferred drydock expenditures, net   -    -    -    -    168    -    796    737 
Total Vessels, Deferred Drydock and Other Property   138,736    68,828    -    -    79,920    45,471    10,015    7,674 
Investments in Affiliated Companies   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   -    3,449    -    -    -    -    -    11,621 
Other Assets   68    -    -    -    -    -    -    - 
Total Assets  $142,957   $77,708   $-   $-   $167,097   $131,478   $37,244   $46,573 
                                         
LIABILITIES AND (DEFICIT)/EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   325    101    -    -    102    77    440    966 
Total Current Liabilities Not Subject to Compromise   325    101    -    -    102    77    440    966 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    767    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    627    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    -    -    -    -    753    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   325    1,495    -    -    102    830    440    966 
                                         
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    10,292    52    52 
Pre-petition intercompany payables to other debtors   46,972    46,972    15    15    360    360    14,899    14,899 
Other liabilities   83,617    81,127    -    -    -    -    -    - 
Total  Liabilities Subject to Compromise   146,717    144,227    15    15    10,670    10,652    14,950    14,950 
                                         
Total Liabilities   147,042    145,722    15    15    10,772    11,481    15,391    15,917 
(Deficit)/Equity:                                        
Total Equity/(Deficit)   (4,085)   (68,013)   (15)   (15)   156,325    119,997    21,853    30,657 
Total Liabilities and (Deficit)/Equity  $142,957   $77,708   $-   $0   $167,097   $131,478   $37,244   $46,573 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 155 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and April 30, 2014

 

   OSG 209 LLC   OSG 214 LLC   OSG 215 Corporation   OSG 242 LLC 
(000s)  November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   (9)   4    34    13    -    -    1,551    - 
Other receivables, including income taxes recoverable   265    0    298    0    -    -    284    - 
Inventory   -    -    -    -    -    -    315    - 
Prepaid expenses and other current assets   5    43    5    40    -    -    5    43 
Total Current Assets   261    47    337    53    -    -    2,155    43 
Vessels and other property, less accumulated depreciation   22,021    19,556    18,892    16,598    -    -    29,890    27,063 
Deferred drydock expenditures, net   1,099    344    1,762    -    -    -    746    - 
Total Vessels, Deferred Drydock and Other Property   23,121    19,900    20,653    16,598    -    -    30,636    27,063 
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   -    13,312    -    13,146    -    -    -    25,172 
Other Assets   19    323    -    -    -    -    17    - 
Total Assets  $47,801   $57,981   $35,826   $44,632   $124   $124   $62,739   $82,210 
                                         
LIABILITIES AND (DEFICIT)/EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   464    61    398    65    -    -    1,084    1,470 
Total Current Liabilities Not Subject to Compromise   464    61    398    65    -    -    1,084    1,470 
                                         
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/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   464    61    398    65    -    -    1,084    1,470 
                                         
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    11,221    9,349    9,016    124    124    9,867    10,253 
(Deficit)/Equity:                                        
Total Equity/(Deficit)   36,177    46,760    26,477    35,616    (0)   (0)   52,872    71,957 
Total Liabilities and (Deficit)/Equity  $47,801   $57,981   $35,826   $44,632   $124   $124   $62,739   $82,210 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 156 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and April 30, 2014

 

   OSG 243 LLC   OSG 244 LLC   OSG 252 LLC   OSG 254 LLC 
(000s)  November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   1,820    28    68    28    1,600    14    -    - 
Other receivables, including income taxes recoverable   60    -    276    -    328    3    247    55 
Inventory   166    -    -    -    278    -    -    - 
Prepaid expenses and other current assets   15    44    5    40    5    41    5    41 
Total Current Assets   2,061    73    350    68    2,211    57    252    95 
Vessels and other property, less accumulated depreciation   31,327    28,522    16,006    13,110    18,995    16,225    21,186    18,038 
Deferred drydock expenditures, net   703    420    1,102    1,692    1,152    428    1,870    1,144 
Total Vessels, Deferred Drydock and Other Property   32,030    28,942    17,108    14,802    20,147    16,654    23,056    19,182 
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   -    35,411    -    11,918    -    19,275    -    15,304 
Other Assets   (94)   (50)   -    (1)   (7)   (40)   -    - 
Total Assets  $62,405   $92,783   $44,834   $54,164   $40,769   $54,363   $45,584   $56,858 
                                         
LIABILITIES AND (DEFICIT)/EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   20    78    474    71    386    423    1    39 
Total Current Liabilities Not Subject to Compromise   20    78    474    71    386    423    1    39 
                                         
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   -    13,866    -    -    -    -    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   20    13,944    474    71    386    423    1    39 
                                         
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    24,014    11,946    11,543    2,312    2,348    6,050    6,087 
(Deficit)/Equity:                                        
Total Equity/(Deficit)   52,314    68,769    32,888    42,621    38,457    52,015    39,535    50,771 
Total Liabilities and (Deficit)/Equity  $62,405   $92,783   $44,834   $54,164   $40,769   $54,363   $45,584   $56,858 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 157 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and April 30, 2014

 

   OSG 300 LLC   OSG 400 LLC   OSG America L.P.   OSG America LLC 
(000s)  November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   -    -    -    -    -    -    -    - 
Other receivables, including income taxes recoverable   -    -    -    -    -    -    -    - 
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    771    -    -    -    - 
Total Assets  $84   $84   $22,996   $23,235   $-   $-   $459   $459 
                                         
LIABILITIES AND (DEFICIT)/EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   -    -    (1)   -    -    -    -    - 
Total Current Liabilities Not Subject to Compromise   -    -    (1)   -    -    -    -    - 
                                         
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   -    -    -    20    -    -    -    1 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   -    -    (1)   20    -    -    -    1 
                                         
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    6,254    79    79    -    1 
(Deficit)/Equity:                                        
Total Equity/(Deficit)   84    84    16,764    16,982    (79)   (79)   459    458 
Total Liabilities and (Deficit)/Equity  $84   $84   $22,996   $23,235   $-   $-   $459   $459 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 158 of 182
 

 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and April 30, 2014

 

   OSG America Operating Company
LLC
   OSG Car Carriers, Inc.   OSG Clean Products International,
Inc.
   OSG Columbia LLC 
(000s)  November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $23,350   $287,958   $-   $-   $-   $-   $-   $- 
Voyage receivables   (1,501)   -    -    -    -    -    -    - 
Other receivables, including income taxes recoverable   -    -    -    -    -    -    26    26 
Inventory   -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   (1)   -    -    -    -    -    4    24 
Total Current Assets   21,847    287,958    -    -    -    -    29    50 
Vessels and other property, less accumulated depreciation   -    -    -    -    -    -    7,024    6,407 
Deferred drydock expenditures, net   -    -    -    -    -    -    602    9 
Total Vessels, Deferred Drydock and Other Property   -    -    -    -    -    -    7,626    6,416 
Investments in Affiliated Companies   995    415    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   64,617    57,883    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    - 
Investments in subsidiaries   423,001    423,001    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   834,346    834,346    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   -    19    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    60,483    -    -    -    -    -    - 
Other Assets   -    -    -    -    -    -    -    4 
Total Assets  $1,344,807   $1,664,107   $6,887   $6,887   $100   $100   $10,091   $8,905 
                                         
LIABILITIES AND (DEFICIT)/EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   16    -    -    -    -    -    125    154 
Total Current Liabilities Not Subject to Compromise   16    -    -    -    -    -    125    154 
                                         
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   -    317,758    -    -    -    -    -    4,146 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   16    317,758    -    -    -    -    125    4,300 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   134,975    134,975    0    0    -    -    33    33 
Pre-petition intercompany payables to other debtors   686,794    686,794    6,899    6,899    -    -    9,323    9,323 
Other liabilities   302    302    -    -    -    -    -    - 
Total  Liabilities Subject to Compromise   822,070    822,070    6,899    6,899    -    -    9,355    9,355 
                                         
Total Liabilities   822,086    1,139,828    6,899    6,899    -    -    9,480    13,655 
(Deficit)/Equity:                                        
Total Equity/(Deficit)   522,721    524,279    (13)   (13)   100    100    611    (4,751)
Total Liabilities and (Deficit)/Equity  $1,344,807   $1,664,107   $6,887   $6,887   $100   $100   $10,091   $8,905 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 159 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and April 30, 2014

 

   OSG Constitution LLC   OSG Courageous LLC   OSG Delaware Bay Lightering LLC   OSG Discovery LLC 
(000s)  November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   -    -    -    -    5,421    4,018    -    - 
Other receivables, including income taxes recoverable   -    -    10    10    63    136    -    - 
Inventory   -    -    -    -    710    1,018    -    - 
Prepaid expenses and other current assets   -    -    4    33    47    397    -    - 
Total Current Assets   -    -    14    43    6,241    5,569    -    - 
Vessels and other property, less accumulated depreciation   -    -    30,264    28,924    382,438    363,376    -    - 
Deferred drydock expenditures, net   -    -    -    137    -    530    -    - 
Total Vessels, Deferred Drydock and Other Property   -    -    30,264    29,061    382,438    363,906    -    - 
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   -    -    -    -    -    63,935    -    935 
Other Assets   0    (0)   (2)   (1)   0    (18)   -    - 
Total Assets  $1,070   $1,070   $32,339   $31,165   $508,278   $552,992   $1,272   $2,207 
                                         
LIABILITIES AND (DEFICIT)/EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   2    3    140    178    598    1,025    21    - 
Total Current Liabilities Not Subject to Compromise   2    3    140    178    598    1,025    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   -    2    -    4,371    -    15,909    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   2    5    140    4,549    598    16,934    21    - 
                                         
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    4,582    17,353    21,762    89,772    106,108    529    508 
(Deficit)/Equity:                                        
Total Equity/(Deficit)   (3,508)   (3,511)   14,986    9,403    418,506    446,884    743    1,698 
Total Liabilities and (Deficit)/Equity  $1,070   $1,070   $32,339   $31,165   $508,278   $552,992   $1,272   $2,207 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 160 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and April 30, 2014

 

   OSG Endeavor LLC   OSG Endurance LLC   OSG Enterprise LLC   OSG Financial Corp. 
(000s)  November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $16   $371 
Voyage receivables   -    -    -    -    -    -    -    - 
Other receivables, including income taxes recoverable   -    -    23    23    10    10    -    - 
Inventory   -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   -    -    4    33    4    23    -    - 
Total Current Assets   -    -    27    56    14    33    16    371 
Vessels and other property, less accumulated depreciation   -    -    32,214    30,785    4,238    3,809    -    - 
Deferred drydock expenditures, net   -    -    -    49    1,494    8    -    - 
Total Vessels, Deferred Drydock and Other Property   -    -    32,214    30,834    5,732    3,818    -    - 
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   -    -    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)   (17)   9    84    731    203 
Total Assets  $-   $-   $32,280   $30,942   $8,895   $7,075   $10,999   $10,825 
                                         
LIABILITIES AND (DEFICIT)/EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   -    -    145    147    189    150    -    - 
Total Current Liabilities Not Subject to Compromise   -    -    145    147    189    150    -    - 
                                         
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   -    72    -    4,057    -    4,439    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   -    72    145    4,204    189    4,590    -    - 
                                         
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    494    15,828    19,888    8,638    13,039    9,457    9,457 
(Deficit)/Equity:                                        
Total Equity/(Deficit)   (421)   (494)   16,452    11,054    257    (5,964)   1,541    1,368 
Total Liabilities and (Deficit)/Equity  $-   $-   $32,280   $30,942   $8,895   $7,075   $10,999   $10,825 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 161 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and April 30, 2014

 

   OSG Freedom LLC   OSG Honour LLC   OSG Independence LLC   OSG Intrepid LLC 
(000s)  November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   -    -    -    -    -    -    -    - 
Other receivables, including income taxes recoverable   -    -    16    16    14    17    13    17 
Inventory   0    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   5    -    4    23    4    24    4    23 
Total Current Assets   5    -    20    40    18    41    17    39 
Vessels and other property, less accumulated depreciation   1,478    -    3,802    3,349    6,615    6,031    2,897    2,347 
Deferred drydock expenditures, net   -    -    848    288    311    190    1,219    612 
Total Vessels, Deferred Drydock and Other Property   1,478    -    4,649    3,637    6,926    6,221    4,116    2,959 
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   -    486    -    -    -    5,998    -    - 
Other Assets   0    -    (3)   (2)   0    1    (8)   0 
Total Assets  $2,312   $1,316   $7,124   $6,133   $7,191   $12,507   $4,126   $3,001 
                                         
LIABILITIES AND (DEFICIT)/EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   (7)   15    143    113    270    146    134    154 
Total Current Liabilities Not Subject to Compromise   (7)   15    143    113    270    146    134    154 
                                         
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   -    -    -    4,256    -    10,719    -    4,605 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   (7)   15    143    4,368    270    10,865    134    4,759 
                                         
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    6,941    7,314    7,314 
                                         
Total Liabilities   3,775    3,796    8,896    13,122    7,210    17,806    7,447    12,073 
(Deficit)/Equity:                                        
Total Equity/(Deficit)   (1,462)   (2,480)   (1,772)   (6,988)   (19)   (5,299)   (3,321)   (9,072)
Total Liabilities and (Deficit)/Equity  $2,312   $1,316   $7,124   $6,133   $7,191   $12,507   $4,126   $3,001 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 162 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and April 30, 2014

 

   OSG Liberty LLC   OSG Lightering LLC   OSG Lightering Acquisition
Corporation
   OSG Lightering Solutions LLC 
(000s)  November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $3,502   $17,555   $-   $-   $-   $- 
Voyage receivables   -    -    8,284    9,156    -    -    -    - 
Other receivables, including income taxes recoverable   -    -    9,798    2,169    -    -    -    - 
Inventory   -    -    2,227    1,498    -    -    -    - 
Prepaid expenses and other current assets   -    -    1,623    1,107    -    -    -    - 
Total Current Assets   -    -    25,433    31,485    -    -    -    - 
Vessels and other property, less accumulated depreciation   -    -    4,340    2,689    -    -    -    - 
Deferred drydock expenditures, net   -    -    -    -    -    -    -    - 
Total Vessels, Deferred Drydock and Other Property   -    -    4,340    2,689    -    -    -    - 
Investments in Affiliated Companies   -    -    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    7,190    -    -    -    -    - 
Goodwill   -    -    8,101    -    -    -    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    127,232    127,232    -    -    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   -    1    -    5,797    -    -    -    - 
Other Assets   (9)   -    -    -    -    -    -    - 
Total Assets  $9,485   $9,495   $310,035   $304,941   $2,000   $2,000   $4,216   $2,650 
                                         
LIABILITIES AND (DEFICIT)/EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   (1)   -    3,384    5,058    -    -    -    - 
Total Current Liabilities Not Subject to Compromise   (1)   -    3,384    5,058    -    -    -    - 
                                         
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   -    -    -    10,236    -    -    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   (1)   -    3,384    15,294    -    -    -    - 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   32    32    127,578    125,361    -    -    -    - 
Pre-petition intercompany payables to other debtors   10,766    10,766    167,222    166,275    1,999    1,999    2,650    2,650 
Other liabilities   -    -    (11)   775    -    -    -    - 
Total  Liabilities Subject to Compromise   10,799    10,799    294,790    292,412    1,999    1,999    2,650    2,650 
                                         
Total Liabilities   10,798    10,799    298,174    307,705    1,999    1,999    2,650    2,650 
(Deficit)/Equity:                                        
Total Equity/(Deficit)   (1,313)   (1,304)   11,861    (2,764)   1    1    1,567    - 
Total Liabilities and (Deficit)/Equity  $9,485   $9,495   $310,035   $304,941   $2,000   $2,000   $4,216   $2,650 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 163 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and April 30, 2014

 

   OSG Mariner LLC   OSG Maritrans Parent LLC   OSG Navigator LLC   OSG New York, Inc. 
(000s)  November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   -    -    -    -    -    -    5,178    1,886 
Other receivables, including income taxes recoverable   -    -    -    -    18    10    -    203 
Inventory   -    -    -    -    -    -    352    - 
Prepaid expenses and other current assets   -    -    -    -    4    23    781    20 
Total Current Assets   -    -    -    -    21    32    6,311    2,109 
Vessels and other property, less accumulated depreciation   -    -    -    -    2,853    2,316    -    - 
Deferred drydock expenditures, net   -    -    -    -    587    17    -    - 
Total Vessels, Deferred Drydock and Other Property   -    -    -    -    3,440    2,333    -    - 
Investments in Affiliated Companies   -    -    -    -    -    -    300    300 
Intangible Assets, less accumulated amortization   -    -    606    506    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    103,806    103,806    -    -    -    - 
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   -    -    -    -    -    -    -    5,441 
Other Assets   -    -    -    -    (4)   32    -    - 
Total Assets  $-   $-   $104,411   $104,311   $3,476   $2,416   $28,090   $29,329 
                                         
LIABILITIES AND (DEFICIT)/EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   -    -    -    -    167    126    506    145 
Total Current Liabilities Not Subject to Compromise   -    -    -    -    167    126    506    145 
                                         
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   -    72    -    -    -    4,194    -    3,605 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   -    72    -    -    167    4,320    506    3,750 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   111    111    -    -    30    30    26,292    26,292 
Pre-petition intercompany payables to other debtors   311    311    120,341    120,341    6,801    6,801    10,719    10,719 
Other liabilities   -    -    -    -    -    -    -    300 
Total  Liabilities Subject to Compromise   422    422    120,341    120,341    6,831    6,831    37,011    37,311 
                                         
Total Liabilities   422    494    120,341    120,341    6,999    11,151    37,517    41,061 
(Deficit)/Equity:                                        
Total Equity/(Deficit)   (422)   (494)   (15,930)   (16,030)   (3,523)   (8,735)   (9,427)   (11,731)
Total Liabilities and (Deficit)/Equity  $-   $-   $104,411   $104,311   $3,476   $2,416   $28,090   $29,329 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 164 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and April 30, 2014

 

   OSG Product Tankers AVTC, LLC   OSG Product Tankers I, LLC   OSG Product Tankers II, LLC   OSG Product Tankers Member LLC 
(000s)  November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   -    -    -    -    -    -    -    - 
Other receivables, including income taxes recoverable   -    -    -    -    -    -    -    - 
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    - 
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   $- 
                                         
LIABILITIES AND (DEFICIT)/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/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and 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    - 
Other liabilities   -    -    -    -    -    -    -    - 
Total  Liabilities Subject to Compromise   -    -    8    8    8    8    1    - 
                                         
Total Liabilities   -    -    8    8    8    8    1    - 
(Deficit)/Equity:                                        
Total Equity/(Deficit)   100    100    (8)   (8)   (8)   (8)   -    - 
Total Liabilities and (Deficit)/Equity  $100   $100   $-   $-   $-   $-   $1   $- 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 165 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and April 30, 2014

 

   OSG Product Tankers, LLC   OSG Quest LLC   OSG Seafarer LLC   OSG Ship Management, Inc. 
(000s)  November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $1,431   $779 
Voyage receivables   -    -    -    -    -    -    -    - 
Other receivables, including income taxes recoverable   -    -    -    -    -    -    1,773    1,169 
Inventory   -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   -    -    -    -    -    -    2,832    1,625 
Total Current Assets   -    -    -    -    -    -    6,036    3,573 
Vessels and other property, less accumulated depreciation   -    -    -    -    -    -    12,623    4,620 
Deferred drydock expenditures, net   -    -    -    -    -    -    -    - 
Total Vessels, Deferred Drydock and Other Property   -    -    -    -    -    -    12,623    4,620 
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    193,029    207,365 
Pre-petition Intercompany receivables from non-debtors   -    -    -    -    -    -    993    943 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    -    -    0    -    (2,118)
Other Assets   -    -    -    -    -    -    117    514 
Total Assets  $-   $-   $64   $64   $1,000   $1,001   $212,936   $215,036 
                                         
LIABILITIES AND (DEFICIT)/EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   -    -    4    -    -    -    9,813    11,945 
Total Current Liabilities Not Subject to Compromise   -    -    4    -    -    -    9,813    11,945 
                                         
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   -    -    -    44    -    -    -    44,706 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    528    526 
Total Liabilities Not Subject to Compromise   -    -    4    44    -    -    10,341    57,177 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   -    -    140    140    27    27    328    328 
Pre-petition intercompany payables to other debtors   16    16    61    61    343    343    369,019    369,019 
Other liabilities   -    -    -    -    -    -    23,988    9,402 
Total  Liabilities Subject to Compromise   16    16    201    201    370    370    393,334    378,749 
                                         
Total Liabilities   16    16    205    245    370    370    403,675    435,926 
(Deficit)/Equity:                                        
Total Equity/(Deficit)   (16)   (16)   (140)   (181)   631    631    (190,740)   (220,890)
Total Liabilities and (Deficit)/Equity  $-   $-   $64   $64   $1,000   $1,001   $212,936   $215,036 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 166 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and April 30, 2014

 

   OSG Valour LLC   Overseas Allegiance Corporation   Overseas Anacortes LLC   Overseas Boston LLC 
(000s)  November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   -    -    -    -    13    -    -    - 
Other receivables, including income taxes recoverable   -    -    -    -    28    23    21    51 
Inventory   -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   -    -    -    -    450    824    448    823 
Total Current Assets   -    -    -    -    492    848    468    874 
Vessels and other property, less accumulated depreciation   -    -    -    -    274    129    171    34 
Deferred drydock expenditures, net   -    -    -    -    4    551    606    2,569 
Total Vessels, Deferred Drydock and Other Property   -    -    -    -    279    680    776    2,603 
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   -    -    -    -    -    9,051    -    1,029 
Other Assets   -    -    -    -    2,141    1,716    1,159    929 
Total Assets  $1,163   $1,163   $2   $2   $45,329   $54,713   $42,695   $45,728 
                                         
LIABILITIES AND (DEFICIT)/EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   -    -    -    -    1,193    2,329    1,192    2,116 
Total Current Liabilities Not Subject to Compromise   -    -    -    -    1,193    2,329    1,192    2,116 
                                         
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/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   -    -    -    -    1,193    2,329    1,192    2,116 
                                         
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    38,122    37,313    38,238 
(Deficit)/Equity:                                        
Total Equity/(Deficit)   88    88    0    0    8,343    16,591    5,382    7,489 
Total Liabilities and (Deficit)/Equity  $1,163   $1,163   $2   $2   $45,329   $54,713   $42,695   $45,728 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 167 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and April 30, 2014

 

   Overseas Diligence LLC   Overseas Galena Bay LLC   Overseas Houston LLC   Overseas Integrity LLC 
(000s)  November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   -    -    -    -    -    -    -    - 
Other receivables, including income taxes recoverable   137    -    276    -    289    38    8    - 
Inventory   -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   -    -    -    -    357    793    -    - 
Total Current Assets   137    -    276    -    646    831    8    - 
Vessels and other property, less accumulated depreciation   -    -    -    -    143    9    -    - 
Deferred drydock expenditures, net   -    -    -    -    2,793    1,843    -    - 
Total Vessels, Deferred Drydock and Other Property   -    -    -    -    2,936    1,852    -    - 
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    35,194    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   -    137    -    276    -    2,444    -    59 
Other Assets   -    -    -    -    601    435    -    - 
Total Assets  $451   $451   $4,744   $4,744   $39,345   $40,756   $1,157   $1,209 
                                         
LIABILITIES AND (DEFICIT)/EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   (0)   (0)   -    -    990    710    -    - 
Total Current Liabilities Not Subject to Compromise   (0)   (0)   -    -    990    710    -    - 
                                         
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/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    5,875    6,480    -    - 
Total Liabilities Not Subject to Compromise   (0)   (0)   -    -    6,865    7,190    -    - 
                                         
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    33,361    932    932 
Other liabilities   -    -    -    -    -    -    -    - 
Total  Liabilities Subject to Compromise   348    348    565    565    33,425    33,456    932    932 
                                         
Total Liabilities   348    348    565    565    40,289    40,646    932    932 
(Deficit)/Equity:                                        
Total Equity/(Deficit)   103    103    4,179    4,179    (944)   110    225    277 
Total Liabilities and (Deficit)/Equity  $451   $451   $4,744   $4,744   $39,345   $40,756   $1,157   $1,209 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 168 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and April 30, 2014

 

   Overseas Long Beach LLC   Overseas Los Angeles LLC   Overseas Martinez LLC   Overseas New Orleans LLC 
(000s)  November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   -    -    -    -    -    -    -    - 
Other receivables, including income taxes recoverable   307    19    358    40    34    17    211    - 
Inventory   -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   357    793    360    698    447    824    -    - 
Total Current Assets   664    812    719    738    482    841    211    - 
Vessels and other property, less accumulated depreciation   164    9    167    42    345    142    -    - 
Deferred drydock expenditures, net   2,195    1,373    2,489    1,433    -    521    -    - 
Total Vessels, Deferred Drydock and Other Property   2,359    1,382    2,656    1,476    345    663    -    - 
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    35,774    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   -    2,688    -    2,219    -    4,782    -    195 
Other Assets   588    490    921    709    2,138    1,688    -    - 
Total Assets  $39,388   $41,147   $38,730   $39,575   $17,860   $22,870   $3,928   $3,913 
                                         
LIABILITIES AND (DEFICIT)/EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   1,268    1,061    1,881    705    1,207    2,146    11    - 
Total Current Liabilities Not Subject to Compromise   1,268    1,061    1,881    705    1,207    2,146    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   -    -    -    -    -    -    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   5,458    6,222    5,016    6,258    -    -    -    - 
Total Liabilities Not Subject to Compromise   6,726    7,284    6,897    6,963    1,207    2,146    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    31,966    33,285    33,285    8,451    8,451    459    459 
Other liabilities   -    -    -    -    -    -    -    - 
Total  Liabilities Subject to Compromise   32,062    32,061    33,383    33,383    8,549    8,549    488    488 
                                         
Total Liabilities   38,788    39,345    40,280    40,347    9,755    10,695    498    488 
(Deficit)/Equity:                                        
Total Equity/(Deficit)   600    1,803    (1,551)   (771)   8,104    12,175    3,430    3,425 
Total Liabilities and (Deficit)/Equity  $39,388   $41,147   $38,730   $39,575   $17,860   $22,870   $3,928   $3,913 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 169 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and April 30, 2014

 

   Overseas New York LLC   Overseas Nikiski LLC   Overseas Perseverance Corporation   Overseas Philadelphia LLC 
(000s)  November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   -    -    -    123    -    -    -    - 
Other receivables, including income taxes recoverable   119    43    30    55    -    -    211    - 
Inventory   -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   357    699    448    823    -    -    -    - 
Total Current Assets   476    742    477    1,001    -    -    211    - 
Vessels and other property, less accumulated depreciation   51    21    244    21    -    -    -    - 
Deferred drydock expenditures, net   209    1,653    891    1,883    -    -    -    - 
Total Vessels, Deferred Drydock and Other Property   260    1,674    1,134    1,904    -    -    -    - 
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   -    -    -    930    -    -    -    273 
Other Assets   1,189    937    1,246    978    -    -    66    1 
Total Assets  $43,418   $44,846   $42,113   $44,069   $383   $383   $875   $872 
                                         
LIABILITIES AND (DEFICIT)/EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   1,043    392    1,239    2,961    -    -    -    - 
Total Current Liabilities Not Subject to Compromise   1,043    392    1,239    2,961    -    -    -    - 
                                         
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   -    128    -    -    -    -    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   4,570    6,201    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   5,613    6,720    1,239    2,961    -    -    -    - 
                                         
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    43,538    36,507    38,229    378    378    940    940 
(Deficit)/Equity:                                        
Total Equity/(Deficit)   987    1,308    5,606    5,840    4    4    (65)   (68)
Total Liabilities and (Deficit)/Equity  $43,418   $44,846   $42,113   $44,069   $383   $383   $875   $872 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 170 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and April 30, 2014

 

   Overseas Puget Sound LLC   Overseas Sea Swift Corporation   Overseas Shipping (GR) Ltd.   Overseas ST Holding LLC 
(000s)  November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   -    -    -    -    -    -    211    - 
Other receivables, including income taxes recoverable   222    -    -    -    -    -    188    110 
Inventory   -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   -    -    -    -    7    -    36    177 
Total Current Assets   222    -    -    -    7    -    436    287 
Vessels and other property, less accumulated depreciation   -    -    -    -    -    -    244,259    228,943 
Deferred drydock expenditures, net   -    -    -    -    -    -    235    478 
Total Vessels, Deferred Drydock and Other Property   -    -    -    -    -    -    244,494    229,421 
Investments in Affiliated Companies   -    -    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    432,794    471,451    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   10,663    10,663    9    9    370,028    370,028    96,424    96,424 
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   -    194    -    -    -    -    -    51,356 
Other Assets   -    -    -    -    -    -    88    132 
Total Assets  $10,885   $10,857   $9   $9   $1,117,796   $1,156,444   $341,448   $377,626 
                                         
LIABILITIES AND (DEFICIT)/EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   18    -    -    -    5    -    3,003    554 
Total Current Liabilities Not Subject to Compromise   18    -    -    -    5    -    3,003    554 
                                         
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/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   18    -    -    -    5    -    3,003    554 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   31    31    -    -    5,976    5,975    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    6,251    7    7    6,025    6,021    161,573    159,124 
(Deficit)/Equity:                                        
Total Equity/(Deficit)   4,616    4,607    2    2    1,111,770    1,150,424    179,876    218,502 
Total Liabilities and (Deficit)/Equity  $10,885   $10,857   $9   $9   $1,117,796   $1,156,444   $341,448   $377,626 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 171 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and April 30, 2014

 

   Overseas Tampa LLC   Overseas Texas City LLC   Pearlmar Limited   Petromar Limited 
(000s)  November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   10    -    -    9    2,457    2,617    1,407    805 
Other receivables, including income taxes recoverable   51    51    (30)   27    21    8    10    5 
Inventory   -    -    -    -    -    -    421    588 
Prepaid expenses and other current assets   443    850    358    702    29    111    27    102 
Total Current Assets   504    900    328    737    2,507    2,736    1,865    1,500 
Vessels and other property, less accumulated depreciation   219    181    9    6    35,337    14,947    24,544    8,860 
Deferred drydock expenditures, net   -    71    309    2,024    1,450    915    1,497    907 
Total Vessels, Deferred Drydock and Other Property   219    252    318    2,030    36,787    15,861    26,041    9,767 
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   -    4,831    -    9,728    -    5,744    -    1,678 
Other Assets   3,469    7,538    1,584    1,260    -    47    (40)   13 
Total Assets  $8,387   $17,716   $43,952   $55,476   $78,059   $63,154   $41,675   $26,766 
                                         
LIABILITIES AND (DEFICIT)/EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   1,186    2,305    1,050    2,464    373    423    67    539 
Total Current Liabilities Not Subject to Compromise   1,186    2,305    1,050    2,464    373    423    67    539 
                                         
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/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    4,079    5,710    -    -    -    - 
Total Liabilities Not Subject to Compromise   1,186    2,305    5,129    8,174    373    423    67    539 
                                         
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    9,171    34,280    37,325    37,700    37,750    14,586    15,058 
(Deficit)/Equity:                                        
Total Equity/(Deficit)   334    8,544    9,671    18,151    40,360    25,404    27,089    11,708 
Total Liabilities and (Deficit)/Equity  $8,387   $17,716   $43,952   $55,476   $78,059   $63,154   $41,675   $26,766 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 172 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and April 30, 2014

 

   Pisces Tanker Corporation   Polaris Tanker Corporation   Queens Product Tanker Corporation   Reymar Limited 
(000s)  November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   1,982    48    1,168    13    418    -    2,373    1,009 
Other receivables, including income taxes recoverable   -    -    (5)   -    11    -    (7)   307 
Inventory   248    -    359    -    658    -    -    - 
Prepaid expenses and other current assets   282    -    282    -    34    -    29    107 
Total Current Assets   2,512    48    1,804    13    1,122    -    2,395    1,423 
Vessels and other property, less accumulated depreciation   -    -    -    -    -    -    37,449    18,699 
Deferred drydock expenditures, net   -    -    -    -    -    -    331    507 
Total Vessels, Deferred Drydock and Other Property   -    -    -    -    -    -    37,780    19,206 
Investments in Affiliated Companies   -    -    -    -    -    -    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   -    1,564    -    792    -    630    -    5,460 
Other Assets   (1)   -    (3)   -    3    -    (33)   62 
Total Assets  $23,264   $22,363   $23,088   $22,092   $52,639   $52,143   $79,279   $64,875 
                                         
LIABILITIES AND (DEFICIT)/EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   84    1    438    6    431    0    59    1,057 
Total Current Liabilities Not Subject to Compromise   84    1    438    6    431    0    59    1,057 
                                         
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/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   84    1    438    6    431    0    59    1,057 
                                         
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   -    5,816    -    5,565    -    -    -    - 
Total  Liabilities Subject to Compromise   24,168    29,985    25,450    31,015    71,510    71,510    33,177    33,177 
                                         
Total Liabilities   24,252    29,986    25,888    31,021    71,941    71,510    33,236    34,234 
(Deficit)/Equity:                                        
Total Equity/(Deficit)   (989)   (7,623)   (2,800)   (8,930)   (19,302)   (19,367)   46,044    30,641 
Total Liabilities and (Deficit)/Equity  $23,264   $22,363   $23,088   $22,092   $52,639   $52,143   $79,279   $64,875 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 173 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and April 30, 2014

 

   Rich Tanker Corporation   Rimar Chartering Corporation   Rosalyn Tanker Corporation   Rosemar Limited 
(000s)  November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   2,779    1,844    598    (222)   3,110    4,301    24    - 
Other receivables, including income taxes recoverable   9    -    53    -    21    18    11    (8)
Inventory   -    797    192    -    -    -    -    - 
Prepaid expenses and other current assets   243    199    303    -    75    277    34    122 
Total Current Assets   3,031    2,840    1,147    (222)   3,206    4,596    69    114 
Vessels and other property, less accumulated depreciation   -    -    269    -    51,807    49,655    35,909    14,908 
Deferred drydock expenditures, net   -    -    387    -    73    1,830    1,270    1,019 
Total Vessels, Deferred Drydock and Other Property   -    -    656    -    51,879    51,485    37,179    15,927 
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   -    -    -    -    -    -    -    1,434 
Other Assets   -    -    (96)   (2)   (23)   (22)   (38)   - 
Total Assets  $18,845   $18,654   $54,195   $52,264   $65,241   $66,238   $63,163   $43,429 
                                         
LIABILITIES AND (DEFICIT)/EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   367    544    350    258    301    93    247    498 
Total Current Liabilities Not Subject to Compromise   367    544    350    258    301    93    247    498 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    698    -    - 
Post-petition intercompany payables to other debtors   -    55    -    1,116    -    108    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    4,284    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   511    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   878    599    4,633    1,375    301    899    247    498 
                                         
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   -    2,967    -    10,681    -    -    -    - 
Total  Liabilities Subject to Compromise   19,542    22,510    57,566    68,247    6,407    6,407    24,919    24,919 
                                         
Total Liabilities   20,420    23,108    62,199    69,622    6,707    7,305    25,166    25,417 
(Deficit)/Equity:                                        
Total Equity/(Deficit)   (1,576)   (4,455)   (8,004)   (17,358)   58,534    58,932    37,996    18,012 
Total Liabilities and (Deficit)/Equity  $18,845   $18,654   $54,195   $52,264   $65,241   $66,238   $63,163   $43,429 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 174 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and April 30, 2014

 

   Rubymar Limited   Sakura Transport Corp.   Samar Product Tanker Corporation   Santorini Tanker LLC 
(000s)  November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   66    (13)   2,925    4,225    226    -    364    2,123 
Other receivables, including income taxes recoverable   445    -    61    82    33    (7)   -    238 
Inventory   -    -    -    -    -    -    486    733 
Prepaid expenses and other current assets   2    5    94    344    30    127    119    32 
Total Current Assets   513    (8)   3,080    4,651    289    120    969    3,126 
Vessels and other property, less accumulated depreciation   34,354    14,927    47,915    43,826    55,715    33,416    47,696    44,884 
Deferred drydock expenditures, net   1,392    963    1,970    1,258    -    -    -    40 
Total Vessels, Deferred Drydock and Other Property   35,746    15,889    49,885    45,085    55,715    33,416    47,696    44,924 
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   -    4,469    -    1,083    -    3,811    -    7,677 
Other Assets   -    -    (33)   (17)   (3)   -    -    19 
Total Assets  $76,226   $60,318   $62,770   $60,641   $57,350   $38,697   $96,365   $103,446 
                                         
LIABILITIES AND (DEFICIT)/EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   652    293    260    116    438    455    30    1,533 
Total Current Liabilities Not Subject to Compromise   652    293    260    116    438    455    30    1,533 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    122    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    477    -    - 
Post-petition intercompany payables to other debtors   -    -    -    -    -    -    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   652    293    260    116    438    1,053    30    1,533 
                                         
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   -    -    -    -    41,435    41,071    -    - 
Total  Liabilities Subject to Compromise   30,303    30,303    8,952    8,952    56,956    56,593    74,364    74,364 
                                         
Total Liabilities   30,955    30,596    9,212    9,068    57,394    57,646    74,394    75,898 
(Deficit)/Equity:                                        
Total Equity/(Deficit)   45,271    29,721    53,559    51,573    (44)   (18,949)   21,971    27,549 
Total Liabilities and (Deficit)/Equity  $76,226   $60,318   $62,770   $60,641   $57,350   $38,697   $96,365   $103,446 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 175 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and April 30, 2014

 

   Serifos Tanker Corporation   Seventh Aframax Tanker 
Corporation
   Shirley Tanker SRL   Sifnos Tanker Corporation 
(000s)  November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $10   $0   $-   $- 
Voyage receivables   1,537    1,328    1,417    1,251    1,727    1,951    1,549    1,345 
Other receivables, including income taxes recoverable   (4)   3    16    86    10    (18)   3    (33)
Inventory   -    439    -    -    -    1,410    -    - 
Prepaid expenses and other current assets   240    288    47    192    23    148    240    297 
Total Current Assets   1,773    2,059    1,480    1,528    1,770    3,491    1,792    1,609 
Vessels and other property, less accumulated depreciation   935    677    22,496    20,728    42,556    37,828    1,040    768 
Deferred drydock expenditures, net   4    112    1,887    1,190    1,389    879    (0)   854 
Total Vessels, Deferred Drydock and Other Property   938    789    24,384    21,919    43,945    38,707    1,040    1,622 
Investments in Affiliated Companies   -    -    -    -    -    -    -    300 
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   -    -    -    2,991    -    1,067    -    - 
Other Assets   10    (11)   66    148    (37)   (14)   15    (8)
Total Assets  $8,663   $8,779   $35,909   $36,566   $57,109   $54,681   $8,687   $9,362 
                                         
LIABILITIES AND (DEFICIT)/EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   45    539    220    82    1,282    898    44    71 
Total Current Liabilities Not Subject to Compromise   45    539    220    82    1,282    898    44    71 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    1,755    -    - 
Post-petition intercompany payables to other debtors   -    257    -    -    -    -    -    1,462 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   45    797    220    82    1,282    2,653    44    1,533 
                                         
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    34,973    19,866    19,877    12,130    12,130 
Pre-petition intercompany payables to other debtors   8    8    16    16    38    38    0    0 
Other liabilities   -    15,088    -    0    36,851    36,628    -    13,781 
Total  Liabilities Subject to Compromise   11,884    26,972    34,990    34,989    62,866    62,653    12,130    25,911 
                                         
Total Liabilities   11,929    27,769    35,210    35,071    64,147    65,306    12,174    27,444 
(Deficit)/Equity:                                        
Total Equity/(Deficit)   (3,266)   (18,990)   699    1,495    (7,038)   (10,625)   (3,487)   (18,082)
Total Liabilities and (Deficit)/Equity  $8,663   $8,779   $35,909   $36,566   $57,109   $54,681   $8,687   $9,362 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 176 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and April 30, 2014

 

   Silvermar Limited   Sixth Aframax Tanker Corporation   Skopelos Product Tanker
Corporation
   Star Chartering Corporation 
(000s)  November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   2,047    2,624    459    1,519    1,715    1,524    19    9 
Other receivables, including income taxes recoverable   (16)   11    6    110    33    32    -    - 
Inventory   -    -    -    1,118    598    359    -    - 
Prepaid expenses and other current assets   29    109    41    154    220    113    241    477 
Total Current Assets   2,061    2,744    506    2,902    2,565    2,028    260    486 
Vessels and other property, less accumulated depreciation   34,297    14,444    21,356    19,622    32,130    30,229    -    - 
Deferred drydock expenditures, net   1,564    1,415    1,279    801    (2)   11    -    - 
Total Vessels, Deferred Drydock and Other Property   35,861    15,858    22,635    20,422    32,128    30,241    -    - 
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    8,105    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   -    5,588    -    2,237    -    4,349    -    - 
Other Assets   (12)   (15)   37    119    -    (20)   -    - 
Total Assets  $56,046   $42,312   $31,690   $33,785   $54,673   $56,576   $9,116   $9,342 
                                         
LIABILITIES AND (DEFICIT)/EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   57    276    743    1,822    148    556    240    465 
Total Current Liabilities Not Subject to Compromise   57    276    743    1,822    148    556    240    465 
                                         
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   -    -    -    -    -    -    -    46 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   57    276    743    1,822    148    556    240    511 
                                         
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    15,026    6,592    7,671    17,243    17,651    9,091    9,363 
(Deficit)/Equity:                                        
Total Equity/(Deficit)   41,238    27,286    25,098    26,114    37,429    38,925    24    (21)
Total Liabilities and (Deficit)/Equity  $56,046   $42,312   $31,690   $33,785   $54,673   $56,576   $9,116   $9,342 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 177 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and April 30, 2014

 

   Suezmax International Agencies, Inc.   Talara Chartering Corporation   Third United Shipping Corporation   Tokyo Transport Corp. 
(000s)  November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   14,133    84    1,692    (290)   -    -    3,339    5,149 
Other receivables, including income taxes recoverable   522    63    26    703    -    -    18    57 
Inventory   -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   1,416    8    639    -    -    -    92    342 
Total Current Assets   16,071    155    2,357    414    -    -    3,449    5,548 
Vessels and other property, less accumulated depreciation   -    -    1,068    -    -    -    50,753    46,728 
Deferred drydock expenditures, net   -    -    -    -    -    -    1,950    1,259 
Total Vessels, Deferred Drydock and Other Property   -    -    1,068    -    -    -    52,703    47,987 
Investments in Affiliated Companies   2,864    -    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   -    13,252    -    1,797    -    -    -    5,358 
Other Assets   -    -    (20)   -    -    -    (6)   0 
Total Assets  $55,012   $49,484   $15,042   $13,306   $105,125   $105,125   $66,470   $69,217 
                                         
LIABILITIES AND (DEFICIT)/EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   616    253    53    -    -    -    326    239 
Total Current Liabilities Not Subject to Compromise   616    253    53    -    -    -    326    239 
                                         
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   -    830    -    -    -    -    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    633    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   563    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   1,179    1,083    686    -    -    -    326    239 
                                         
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   -    -    -    35,588    -    -    -    - 
Total  Liabilities Subject to Compromise   58,000    57,022    21,874    57,462    -    -    8,494    8,495 
                                         
Total Liabilities   59,179    58,105    22,560    57,462    -    -    8,821    8,734 
(Deficit)/Equity:                                        
Total Equity/(Deficit)   (4,167)   (8,621)   (7,518)   (44,156)   105,125    105,125    57,649    60,483 
Total Liabilities and (Deficit)/Equity  $55,012   $49,484   $15,042   $13,306   $105,125   $105,125   $66,470   $69,217 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 178 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and April 30, 2014

 

   Transbulk Carriers, Inc.   Troy Chartering Corporation   Troy Product Corporation   Urban Tanker Corporation 
(000s)  November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   -    -    173    3    -    -    1,574    1,661 
Other receivables, including income taxes recoverable   -    -    13    29    -    -    -    - 
Inventory   -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   -    -    344    (0)   -    -    243    232 
Total Current Assets   -    -    531    32    -    -    1,817    1,893 
Vessels and other property, less accumulated depreciation   -    -    1,101    -    -    -    -    - 
Deferred drydock expenditures, net   -    -    -    -    -    -    -    - 
Total Vessels, Deferred Drydock and Other Property   -    -    1,101    -    -    -    -    - 
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   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   -    -    -    -    -    -    -    215 
Other Assets   -    -    (35)   -    -    -    (9)   - 
Total Assets  $295   $295   $31,953   $30,388   $58,765   $58,765   $21,448   $21,749 
                                         
LIABILITIES AND (DEFICIT)/EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   -    -    68    542    -    -    27    1 
Total Current Liabilities Not Subject to Compromise   -    -    68    542    -    -    27    1 
                                         
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   -    -    -    138    -    -    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    708    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    500    - 
Total Liabilities Not Subject to Compromise   -    -    776    680    -    -    526    1 
                                         
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   -    -    -    36,729    -    -    -    4,870 
Total  Liabilities Subject to Compromise   211    211    47,096    83,825    58,345    58,345    23,604    28,474 
                                         
Total Liabilities   211    211    47,872    84,505    58,345    58,345    24,131    28,475 
(Deficit)/Equity:                                        
Total Equity/(Deficit)   85    85    (15,919)   (54,118)   420    420    (2,683)   (6,726)
Total Liabilities and (Deficit)/Equity  $295   $295   $31,953   $30,388   $58,765   $58,765   $21,448   $21,749 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 179 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and April 30, 2014

 

   Vega Tanker Corporation   View Tanker Corporation   Vivian Tankships Corporation   Vulpecula Chartering Corporation 
(000s)  November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   -    -    2,869    2,956    -    -    753    5 
Other receivables, including income taxes recoverable   13    (1)   -    -    -    -    2    - 
Inventory   -    -    -    629    -    -    169    - 
Prepaid expenses and other current assets   -    -    186    368    -    -    272    - 
Total Current Assets   13    (1)   3,055    3,953    -    -    1,196    5 
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   -    -    -    -    -    -    -    623 
Other Assets   87    -    54    (13)   -    -    -    - 
Total Assets  $5,179   $5,079   $10,432   $11,263   $21,117   $21,117   $25,757   $25,189 
                                         
LIABILITIES AND (DEFICIT)/EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   20    -    764    920    -    -    549    4 
Total Current Liabilities Not Subject to Compromise   20    -    764    920    -    -    549    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   -    -    -    240    -    -    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    511    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   20    -    1,275    1,159    -    -    549    4 
                                         
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   -    -    -    3,937    -    -    -    4,350 
Total  Liabilities Subject to Compromise   2,136    2,136    11,440    15,377    14,490    14,490    25,618    29,968 
                                         
Total Liabilities   2,156    2,136    12,715    16,536    14,490    14,490    26,167    29,972 
(Deficit)/Equity:                                        
Total Equity/(Deficit)   3,023    2,943    (2,283)   (5,273)   6,627    6,627    (410)   (4,783)
Total Liabilities and (Deficit)/Equity  $5,179   $5,079   $10,432   $11,263   $21,117   $21,117   $25,757   $25,189 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 180 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and April 30, 2014

 

   Wind Aframax Tanker Corporation   Combined
Debtors
   Eliminations   Consolidated Debtors 
(000s)  November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014   November 13,
2012
   April 30, 2014 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $398,725   $619,707   $-   $-   $398,725   $619,707 
Voyage receivables   -    -    168,830    129,796    -    (1)   168,830    129,795 
Other receivables, including income taxes recoverable   10    -    48,974    24,033    -    -    48,974    24,033 
Inventory   -    -    14,150    25,596    -    -    14,150    25,596 
Prepaid expenses and other current assets   -    -    46,596    35,438    -    -    46,596    35,438 
Total Current Assets   10    -    677,274    834,570    -    (1)   677,274    834,570 
Vessels and other property, less accumulated depreciation   -    -    3,147,915    2,332,606    1    1    3,147,915    2,332,607 
Deferred drydock expenditures, net   -    -    73,898    55,548    -    -    73,898    55,548 
Total Vessels, Deferred Drydock and Other Property   -    -    3,221,813    2,388,155    1    1    3,221,813    2,388,155 
Investments in Affiliated Companies   -    -    247,664    327,517    -    -    247,664    327,517 
Intangible Assets, less accumulated amortization   -    -    72,413    58,389    -    -    72,413    58,389 
Goodwill   -    -    9,668    -    -    -    9,668    - 
Investments in subsidiaries   -    -    5,432,119    5,470,783    (5,284,205)   (5,322,862)   147,914    147,921 
Intercompany loans receivable and accrued interest   -    -    448,108    431,285    (359,840)   (382,770)   88,268    48,515 
Pre-petition intercompany receivables from debtors   51    51    5,843,696    5,878,546    (5,843,696)   (5,878,546)   -    - 
Pre-petition Intercompany receivables from non-debtors   -    -    2,233,518    2,244,406    -    -    2,233,518    2,244,406 
Post-petition intercompany receivables from non-debtors   -    -    -    20,823    -    -    -    20,823 
Post-petition Intercompany receivables from debtors   -    -    -    730,522    -    (730,522)   -    - 
Other Assets   -    -    16,704    28,104    30    26    16,734    28,130 
Total Assets  $61   $51   $18,202,977   $18,413,099   $(11,487,710)  $(12,314,674)  $6,715,267   $6,098,426 
                                         
LIABILITIES AND (DEFICIT)/EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   0    -    73,627    358,494    62    62    73,689    358,554 
Total Current Liabilities Not Subject to Compromise   0    -    73,627    358,494    62    62    73,689    358,554 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    148,908    -    (148,908)   -    - 
Post-petition intercompany payables to non-debtors   -    -    -    47,511    -    (4)   -    47,507 
Post-petition intercompany payables to other debtors   -    -    -    730,522    -    (730,522)   -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    5,457    -    -    -    5,457    - 
Deferred Income Taxes and Other Liabilities   -    -    752,534    438,222    -    -    752,534    438,223 
Total Liabilities Not Subject to Compromise   0    -    831,618    1,723,656    62    (879,372)   831,680    844,284 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    376,324    250,180    (359,840)   (233,862)   16,484    16,319 
Pre-petition intercompany payables to non-debtors   -    -    2,142,541    2,136,587    -    -    2,142,541    2,136,587 
Pre-petition intercompany payables to other debtors   -    -    5,843,696    5,878,546    (5,843,696)   (5,878,546)   -    (0)
Other liabilities   -    -    2,623,588    2,881,917    -    1    2,623,588    2,881,917 
Total  Liabilities Subject to Compromise   -    -    10,986,149    11,147,230    (6,203,536)   (6,112,408)   4,782,613    5,034,822 
                                         
Total Liabilities   0    -    11,817,768    12,870,886    (6,203,474)   (6,991,779)   5,614,294    5,879,106 
(Deficit)/Equity:                                        
Total Equity/(Deficit)   61    51    6,385,210    5,542,213    (5,284,236)   (5,322,893)   1,100,973    219,320 
Total Liabilities and (Deficit)/Equity  $61   $51   $18,202,977   $18,413,099   $(11,487,710)  $(12,314,674)  $6,715,267   $6,098,426 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 181 of 182
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and April 30, 2014

 

   Total
Non-debtors
   Eliminations   Consolidated Overseas Shipholding 
Group, Inc.
 
(000s)  November 13, 
2012
   April 30, 2014   November 13,
 2012
   April 30, 2014   November 13, 
2012
   April 30, 2014 
ASSETS                              
Current Assets:                              
Cash and cash equivalents  $79,248   $30,492   $-   $-   $477,973   $650,199 
Voyage receivables   2,923    2,856    -    1    171,753    132,653 
Other receivables, including income taxes recoverable   10,321    8,204    -    -    59,295    32,237 
Inventory   -    -    -    -    14,150    25,596 
Prepaid expenses and other current assets   40    655    -    -    46,636    36,093 
Total Current Assets   92,533    42,207    -    1    769,807    876,778 
Vessels and other property, less accumulated depreciation   (12,092)   (11,100)   -    1    3,135,823    2,321,506 
Deferred drydock expenditures, net   -    -    -    -    73,898    55,548 
Total Vessels, Deferred Drydock and Other Property   (12,092)   (11,100)   -    1    3,209,721    2,377,054 
Investments in Affiliated Companies   300    -    -    -    247,964    327,517 
Intangible Assets, less accumulated amortization   242    217    -    -    72,655    58,606 
Goodwill   (79)   -    -    -    9,589    - 
Investments in subsidiaries   -    -    (147,914)   (147,921)   -    - 
Intercompany loans receivable and accrued interest   16,484    16,318    (104,752)   (64,832)   -    - 
Pre-petition intercompany receivables from debtors   2,142,541    2,136,587    (2,142,541)   (2,136,587)   -    - 
Pre-petition Intercompany receivables from non-debtors   -    -    (2,233,518)   (2,244,406)   -    - 
Post-petition intercompany receivables from non-debtors   -    0    -    (20,823)   -    - 
Post-petition Intercompany receivables from debtors   -    47,511    -    (47,511)   -    - 
Other Assets   (271)   82    -    1    16,464    28,213 
Total Assets  $2,239,657   $2,231,821   $(4,628,725)  $(4,662,077)  $4,326,200   $3,668,168 
                               
LIABILITIES AND (DEFICIT)/EQUITY                              
Current Liabilities Not Subject to Compromise:                              
Accounts payable, accrued expenses and other current liabilities   19,478    36,758    -    1    93,170    395,313 
Total Current Liabilities Not Subject to Compromise   19,478    36,758    -    1    93,170    395,313 
                               
Noncurrent Liabilities Not Subject to Compromise:                              
Intercompany loans payable and accrued interest   88,268    48,515    (88,268)   (48,515)   -    - 
Post-petition intercompany payables to non-debtors   -    0    -    (47,507)   -    - 
Post-petition intercompany payables to other debtors   2,233,518    2,265,229    (2,233,518)   (2,265,229)   -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    5,457    - 
Deferred Income Taxes and Other Liabilities   6,201    11,336    -    (1)   758,736    449,558 
Total Liabilities Not Subject to Compromise   2,347,466    2,361,837    (2,321,786)   (2,361,250)   857,363    844,871 
                               
Liabilities Subject to Compromise:                              
Pre-petition intercompany loans payable and accrued interest   -    -    (16,484)   (16,319)   -    - 
Pre-petition intercompany payables to non-debtors   -    -    (2,142,541)   (2,136,587)   -    - 
Pre-petition intercompany payables to other debtors   -    -    -    0    -    - 
Other liabilities   -    -    -    -    2,623,588    2,881,916 
Total  Liabilities Subject to Compromise   -    -    (2,159,025)   (2,152,906)   2,623,588    2,881,916 
                               
Total Liabilities   2,347,466    2,361,837    (4,480,811)   (4,514,156)   3,480,951    3,726,787 
(Deficit)/Equity:                              
Total Equity/(Deficit)   (107,809)   (130,017)   (147,914)   (147,921)   845,249    (58,619)
Total Liabilities and (Deficit)/Equity  $2,239,657   $2,231,821   $(4,628,725)  $(4,662,077)  $4,326,200   $3,668,168 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 182 of 182