EX-99.1 2 a13-4041_1ex99d1.htm EX-99.1

Exhibit 99.1

 

In re Dynegy Inc.

Case No. 12 - 36728 (CGM)

Reporting Period: September 1 - September 30, 2012

 

 

UNITED STATES BANKRUPTCY COURT

SOUTHERN DISTRICT OF NEW YORK

 

CORPORATE MONTHLY OPERATING REPORT

 

Debtor:

 

Dynegy Inc.

 

Business unit number:

 

12000

 

 

 

 

 

 

 

 

 

REQUIRED DOCUMENTS

 

Form No.

 

Document
Attached

 

Explanation
Attached

 

Schedule of Cash Receipts and Disbursements

 

MOR-1

 

Yes

 

 

 

Bank Reconciliation (or copies of debtor’s bank reconciliations)

 

MOR-1 (CON’T)

 

Yes

 

 

 

Copies of bank statements

 

 

 

Yes

 

 

 

Cash disbursements journals

 

 

 

[1]

 

 

 

Statement of Operations

 

MOR-2

 

Yes

 

 

 

Balance Sheet

 

MOR-3

 

Yes

 

 

 

Status of Post-petition Taxes

 

MOR-4

 

Yes

 

 

 

Copies of IRS Form 6123 or payment receipt

 

 

 

[1]

 

 

 

Copies of tax returns filed during reporting period

 

 

 

[1]

 

 

 

Summary of Unpaid Post-petition Debts

 

MOR-4

 

Yes

 

 

 

Listing of Aged Accounts Payable

 

 

 

Yes

 

 

 

Accounts Receivable Reconciliation and Aging

 

MOR-5

 

Yes

 

 

 

Taxes Reconciliation and Aging

 

MOR-5

 

Yes

 

 

 

Payments to Insiders and Professional

 

MOR-6

 

Yes

 

 

 

Post Petition Status of Secured Notes, Leases Payable

 

MOR-6

 

Yes

 

 

 

Debtor Questionnaire

 

MOR-7

 

Yes

 

 

 

 


[1] Not applicable for the reporting period

 



 

In re Dynegy Inc.

Case No. 12 - 36728 (CGM)

Reporting Period: September 1 - September 30, 2012

 

SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

MOR -1

($000)

 

Debtor:

 

Dynegy Inc.

 

Total

 

Business unit number:

 

12000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BANK ACCOUNTS

 

BANK ACCOUNTS

 

 

 

# 6634

 

#5631

 

#4988

 

CURRENT MONTH
ACTUAL (TOTAL
OF ALL
ACCOUNTS)

 

 

 

 

 

 

 

 

 

 

 

CASH BEGINNING OF MONTH

 

$

27,668

 

$

1,264

 

$

1,288

 

$

30,220

 

 

 

 

 

 

 

 

 

 

 

RECEIPTS

 

 

 

 

 

 

 

 

 

CASH SALES - AFFILIATE SERVICE AGREEMENTS

 

$

11,547

 

$

 

$

 

$

11,547

 

ACCOUNTS RECEIVABLE - PREPETITION

 

1,074

 

 

 

1,074

 

ACCOUNTS RECEIVABLE - POSTPETITION

 

 

 

 

 

LOANS AND ADVANCES

 

 

 

 

 

SALE OF ASSETS

 

 

 

 

 

OTHER (INTEREST)

 

 

1

 

 

1

 

TRANSFERS (FROM DIP ACCTS)

 

 

 

 

 

TOTAL RECEIPTS

 

$

12,621

 

$

1

 

$

 

$

12,622

 

 

 

 

 

 

 

 

 

 

 

DISBURSEMENTS

 

 

 

 

 

 

 

 

 

NET PAYROLL

 

$

 

$

 

$

 

$

 

PAYROLL TAXES

 

 

 

 

 

OTHER EMPLOYEE BENEFITS

 

 

 

 

 

SALES, USE, & OTHER TAXES

 

 

 

 

 

INVENTORY PURCHASES

 

 

 

 

 

SECURED/ RENTAL/ LEASES

 

(9

)

 

 

(9

)

INSURANCE

 

 

 

 

 

OPERATING EXPENSES

 

 

 

 

 

G & A - SERVICE AGREEMENT FEES

 

(11,547

)

 

 

(11,547

)

FUEL PURCHASES

 

 

 

 

 

CAPEX

 

 

 

 

 

COLLATERAL

 

 

 

 

 

BANK FEES

 

 

 

 

 

OTHER

 

(533

)

 

 

(533

)

OWNER DRAW

 

 

 

 

 

TRANSFERS (TO DIP ACCTS)

 

 

 

 

 

PROFESSIONAL FEES

 

(1,141

)

 

 

(1,141

)

U.S. TRUSTEE QUARTERLY FEES

 

 

 

 

 

COURT COSTS

 

 

 

 

 

TOTAL DISBURSEMENTS

 

$

(13,230

)

$

 

$

 

$

(13,230

)

 

 

 

 

 

 

 

 

 

 

NET CASH FLOW (RECEIPTS LESS DISBURSEMENTS

 

$

(609

)

$

1

 

$

 

$

(609

)

 

 

 

 

 

 

 

 

 

 

CASH — END OF MONTH

 

$

27,059

 

$

1,265

 

$

1,288

 

$

29,612

 

 



 

In re Dynegy Inc.

Case No. 12 - 36728 (CGM)

Reporting Period: September 1 - September 30, 2012

 

BANK RECONCILIATIONS

Continuation Sheet for MOR-1

($000)

 

Debtor:

 

Dynegy Inc.

 

Business unit number:

 

12000

 

 

 

 

 

 

 

 

 

 

 

 

 

JP Morgan
Chase
Concentration
Account

 

JP Morgan
Chase Credit
Suisse
Collateral
Account

 

BONY Credit
Suisse
Collateral
Account

 

 

 

 

 

#6634

 

# 5631

 

# 4988

 

Total

 

BALANCE PER BOOKS

 

$

27,059

 

$

1,265

 

$

1,288

 

$

29,612

 

 

 

 

 

 

 

 

 

 

 

BANK BALANCE

 

27,059

 

1,265

 

1,288

 

29,612

 

(+) DEPOSITS IN TRANSIT (ATTACH LIST)

 

 

 

 

 

(-) OUTSTANDING CHECKS (ATTACH LIST):

 

 

 

 

 

OTHER (ATTACH EXPLANATION)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ADJUSTED BANK BALANCE

 

$

27,059

 

$

1,265

 

$

1,288

 

$

29,612

 

 



 

In re Dynegy Inc.

Case No. 12 - 36728 (CGM)

Reporting Period: September 1 - September 30, 2012

 

STATEMENT OF OPERATIONS

MOR - 2

($000)

 

Debtor:

 

Dynegy Inc.

 

Business unit number:

 

12000

 

 

 

 

 

 

 

September 1, 2012 -
September 30, 2012

 

 

 

 

 

Revenues

 

$

 

Intercompany Revenues

 

 

Cost of Sales

 

1,556

 

Taxes Other than Income

 

(16

)

Intercompany Cost of Sales

 

 

Gross Margin

 

1,540

 

O&M Costs

 

 

Operating Margin

 

1,540

 

Depreciation & Amortization

 

 

Asset Impairments

 

 

G & A

 

24,321

 

Operating Income/(Loss)

 

25,861

 

Bankruptcy Reorg charges

 

(2,298

)

Equity Earnings/ (Losses)

 

(23,082

)

Interest Income/(Expense)

 

 

Other Income/(Expense)

 

 

Income/(Loss) before income taxes

 

481

 

Tax Provision (benefit)

 

 

Income/(Loss) from operations

 

$

481

 

 



 

In re Dynegy Inc.

Case No. 12 - 36728 (CGM)

Reporting Period: September 1 - September 30, 2012

 

BALANCE SHEET

MOR - 3

($000)

 

Debtor:

 

Dynegy Inc.

 

Business unit number:

 

12000

 

 

 

 

 

 

 

September

 

 

 

BOOK VALUE
AT END OF
CURRENT
REPORTING
MONTH

 

 

 

 

 

Assets:

 

 

 

Cash and Cash Equivalents

 

$

270,483

 

ST Investments - Restricted

 

27,007

 

AR Affiliates

 

14,685

 

Accounts Receivable

 

3,173

 

Accounts Receivable, IC

 

707

 

Inventory

 

 

Risk Management Assets - Affiliate

 

 

Prepaids & Other Assets

 

27,433

 

Total Current Assets

 

$

343,487

 

 

 

 

 

Property, Plant and Equipment:

 

 

 

Property, Plant & Equipment

 

$

 

Accumulated DD&A

 

 

Net Property, Plant and Equipment

 

 

Other Assets:

 

 

 

Investment-Consolidated Subs

 

6,014,589

 

Investment-Unconsolidated Subs

 

 

LT Investments - Restricted

 

2,553

 

Net Other Assets

 

6,017,142

 

Total Assets

 

$

6,360,629

 

 



 

In re Dynegy Inc.

Case No. 12 - 36728 (CGM)

Reporting Period: September 1 - September 30, 2012

 

BALANCE SHEET

MOR - 3

($000)

 

Debtor:

 

Dynegy Inc.

 

Business unit number:

 

12000

 

 

 

 

 

 

 

September

 

 

 

BOOK VALUE
AT END OF
CURRENT
REPORTING
MONTH

 

 

 

 

 

Liabilities And Equity:

 

 

 

Current Liabilities:

 

 

 

Accounts Payable - Third Party

 

$

4

 

Accounts Payable-Affiliates

 

 

 

Intercompany Due To-From

 

106,591

 

Interest Accrued

 

 

Interest Accrued- Intercompany

 

799,171

 

Taxes Accrued

 

(9

)

Other Accrued Liabilities

 

20,296

 

Def Income Taxes — Cur Liab

 

 

Risk Management Liabilities

 

 

Risk Management Liabilities - Affiliate

 

 

Short Term Debt - I/C

 

 

 

Total Current Liabilities

 

$

926,054

 

 

 

 

 

Long-Term Liabilities:

 

 

 

Liabilities subject to compromise

 

4,239,981

 

Long Term Debt - Interco

 

2,255,236

 

Def Income Taxes — N Cur Liab

 

 

Other LT Liabilities

 

89,207

 

Total Liabilities

 

7,510,478

 

 

 

 

 

Equity:

 

 

 

Receivables - Affiliates

 

$

 

Common Stock Issued

 

1,233

 

Treasury Stock-Total

 

 

Addl Paid In Capital

 

5,158,068

 

Other Comprehensive Income

 

(23,764

)

Retained Earnings (Accumulated Deficit)

 

(6,285,386

)

Total Dynegy Inc Equity

 

$

(1,149,849

)

 

 

 

 

Total Liabilities & Equity

 

$

6,360,629

 

 

Note:  Balance sheet disclosed above represents the merged balance sheet of business units 10001 Dynegy Holdings, LLC and 12000 Dynegy Inc.

 



 

In re Dynegy Inc.

Case No. 12 - 36728 (CGM)

Reporting Period: September 1 - September 30, 2012

 

STATUS OF POST-PETITION TAXES

MOR - 4

 

Debtor:

 

Dynegy Inc.

Business unit number:

 

12000

 

 

 

Beginning
Tax

 

Amount
Withheld
and/or
Accrued

 

Amount
Paid

 

Date Paid

 

Check # or EFT

 

Ending Tax

 

Federal

 

 

 

 

 

 

 

 

 

 

 

 

 

Withholding

 

 

 

 

 

 

 

FICA-Employee

 

 

 

 

 

 

 

FICA-Employer

 

 

 

 

 

 

 

Unemployment

 

 

 

 

 

 

 

Income [1]

 

(31,682

)

 

 

 

 

(31,682

)

Other:

 

 

 

 

 

 

 

Total Federal Taxes [1]

 

$

(31,682

)

$

 

$

 

 

 

$

(31,682

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State and Local

 

 

 

 

 

 

 

 

 

 

 

 

 

Withholding

 

 

 

 

 

 

 

Sales/Use

 

 

 

 

 

 

 

Excise

 

 

 

 

 

 

 

Unemployment

 

 

 

 

 

 

 

Real Property

 

 

 

 

 

 

 

Personal Property

 

 

 

 

 

 

 

Franchise Tax

 

26,620

 

15,004

 

36,000

 

9/14/2012

 

1709500258JO

 

5,624

 

Metro Commuter Tax

 

 

 

 

 

 

 

Total State and Local

 

$

26,620

 

$

15,004

 

$

36,000

 

 

 

5,624

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Taxes

 

$

(5,062

)

$

15,004

 

$

36,000

 

 

 

$

(26,058

)

 


[1]           Represents IRS Tax Refund relating to 2008 tax year.

 

SUMMARY OF UNPAID

 

Dynegy Inc.

POST-PETITION DEBTS

 

12000

 

 

 

Number of Days Past Due

 

 

 

Current

 

31-60

 

61-90

 

Over 91

 

Total

 

Accounts Payable [1]

 

$

 

$

 

$

 

$

 

$

 

Wages Payable [1]

 

 

 

 

 

 

Taxes Payable

 

 

 

 

 

 

Rent/Leases-Building

 

 

 

 

 

 

Rent/Leases-Equipment

 

 

 

 

 

 

Secured Debt/Adequate Protection Payments

 

 

 

 

 

 

Professional Fees

 

3,938,403

 

 

 

 

3,938,403

 

Amounts Due to Insiders

 

 

 

 

 

 

Total Post-petition Debts

 

$

3,938,403

 

$

 

$

 

$

 

$

3,938,403

 

 

Note:      The Debtor does not have Trade Accounts Payable nor Payroll and Wage liabilities

 



 

In re Dynegy Inc.

Case No. 12 - 36728 (CGM)

Reporting Period: September 1 - September 30, 2012

 

ACCOUNTS RECEIVABLE RECONCILIATION AND AGING

MOR - 5

 

Debtor:

 

 

 

 

 

 

 

 

 

 

 

Business unit number:

 

 

 

 

 

 

 

 

 

 

 

 

Accounts Receivable Reconciliation

 

Amount

 

Total Accounts Receivable at the beginning of the reporting period

 

$

 

Plus: Amounts billed during the period

 

 

Less: Amounts collected during the period

 

 

Total Accounts Receivable at the end of the reporting period

 

$

 

 

Accounts Receivable Aging

 

0-30 Days

 

31-60
Days

 

61-90
Days

 

91+
Days

 

Total

 

0 - 30 days old

 

$

 

$

 

$

 

$

 

$

 

31 - 60 days old

 

 

 

 

 

 

61 - 90 days old

 

 

 

 

 

 

91+ days old

 

 

 

 

 

 

Total Accounts Receivable

 

$

 

$

 

$

 

$

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: Bad Debts (Amount considered uncollectible)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Accounts Receivable

 

$

 

$

 

$

 

$

 

$

 

 

Note:                  DI does not have any trade related Accounts Receivable.  The $157k Receivable on the DI balance sheet is the net of a $2.0m Tax Receivable offset by a $1.8m Reserve for a Executive Stock Purchase and Equity Promissory Note.  DI has a $1.335b intercompany receivable that relates to legacy intercompany amounts that were established prior to the Dynegy restructuring in September of 2011.

 



 

In re Dynegy Inc.

Case No. 12 - 36728 (CGM)

Reporting Period: September 1 - September 30, 2012

 

PAYMENTS TO INSIDERS AND PROFESSIONALS

MOR - 6

 

Dynegy Inc.

12000

 

PROFESSIONALS

 

NAME

 

DATE OF
COURT ORDER
AUTHORIZING
PAYMENT

 

AMOUNT
APPROVED

 

AMOUNT PAID

 

TOTAL PAID
TO DATE

 

TOTAL
INCURRED &
UNPAID

 

White & Case LLP

 

 

 

 

1,141,385

 

1,141,385

 

2,930,472

 

Houlihan Lokey Capital Inc. [1]

 

 

 

 

 

 

 

Jenner & Block LLP [1]

 

 

 

 

 

 

 

Milbank, Tweed, Hadley & McCoy LLP [1]

 

 

 

 

 

 

 

Moelis & Company LLC [1]

 

 

 

 

 

 

 

Paul Weiss, Rifkind, Wharton & Garrison LLP [1]

 

 

 

 

 

 

 

SNR Denton US LLP [1]

 

 

 

 

 

 

 

Steptoe & Johnson LLP [1]

 

 

 

 

 

 

 

U.S. Bank National Association [1]

 

 

 

 

 

 

 

Epiq Bankruptcy Solutions

 

 

 

 

 

508,425

 

291,850

 

US Trustee Fee

 

 

 

 

 

 

20,000

 

Ernst & Young

 

 

 

 

 

 

223,000

 

Richards Layton & Finger

 

 

 

 

 

 

1,873

 

HeplerBroom LLC

 

 

 

 

 

 

921

 

Schiff Harding LLP

 

 

 

 

 

 

 

 

Bruce Waits, Attorney at Law

 

 

 

 

 

 

 

DLA Piper LLP

 

 

 

 

 

 

62,763

 

Keller & Heckerman LLP

 

 

 

 

 

 

8,284

 

King & Spalding LLP

 

 

 

 

 

 

33,910

 

Locke Lord Bissell & Lidell LLP

 

 

 

 

 

 

25,367

 

Hicks Thomas LLP

 

 

 

 

 

 

1,056

 

Beck Redden & Secrest LLP

 

 

 

 

 

 

28,009

 

Skadden, Arps, Slate, Meagher & Flom LLP

 

 

 

 

 

 

16

 

Vinson & Elkins, LLP

 

 

 

 

 

 

6,368

 

Sullivan & Cromwell LLP

 

 

 

 

 

 

 

Morgan Lewis and Bockius LLP

 

 

 

 

 

 

3,516

 

KPMG

 

 

 

 

 

 

301,000

 

TOTAL PAYMENTS TO PROFESSIONALS

 

$

 

$

1,141,385

 

$

1,649,810

 

$

3,938,403

 

 


[1]                                 DI made advance retainer payments to various of its professionals, and to certain Settlement Parties or their professionals in connection with the Settlement Agreement.  DI’s professionals disclosed their retainers in their respective retention applications.  The retainers paid to the Settlement Parties or their professionals in connection with the Settlement included; (i) $550,000 to Houlihan Lokey Capital Inc.; (ii) $1,500,000 to Jenner & Block LLP; (iii) $1,700,000 to Milbank, Tweed, Hadley & McCloy LLP; (iv) $650,000 to Moelis & Company LLC; (v) $1,786,944 to Paul Weiss, Rifkind, Wharton & Garrison LLP; (vi) $45,000 to SNR Denton US LLP; (vii) $50,000 to Steptoe & Johnson LLP and (viii) $5,415,356 to U.S. Bank National Association,

 

Note:                Debtor does not have Secured Notes.

 



 

In re Dynegy Inc.

Case No. 12 - 36728 (CGM)

Reporting Period: September 1 - September 30, 2012

 

DEBTOR QUESTIONNAIRE

MOR - 7

 

Must be completed each month. If the answer to any of the questions is 
“Yes”, provide a detailed explanation of each item. Attach additional
sheets if necessary.

 

Yes

 

No

 

Notes:

Have any assets been sold or transferred outside the normal course of business this reporting period?

 

 

 

X

 

 

Have any funds been disbursed from any account other than a debtor in possession account this reporting period?

 

 

 

X

 

 

Is the Debtor delinquent in the timely filing of any post-petition tax returns?

 

 

 

X

 

 

Are workers compensation, general liability or other necessary insurance coverages expired or cancelled, or has the debtor received notice of expiration or cancellation of such policies?

 

 

 

X

 

 

Is the Debtor delinquent in paying any insurance premium payment?

 

 

 

X

 

 

Have any payments been made on pre-petition liabilities this reporting period?

 

 

 

X

 

 

Are any post petition receivables (accounts, notes or loans) due from related parties?

 

 

 

X

 

 

Are any post petition payroll taxes past due?

 

 

 

X

 

 

Are any post petition State or Federal income taxes past due?

 

 

 

X

 

 

Are any post petition real estate taxes past due?

 

 

 

X

 

 

Are any other post petition taxes past due?

 

 

 

X

 

 

Have any pre-petition taxes been paid during this reporting period?

 

 

 

X

 

 

Are any amounts owed to post petition creditors delinquent?

 

 

 

X

 

 

Are any wage payments past due?

 

 

 

X

 

 

Have any post petition loans been received by the Debtor from any party?

 

 

 

X

 

 

Is the Debtor delinquent in paying any U.S. Trustee fees?

 

 

 

X

 

 

Is the Debtor delinquent with any court ordered payments to attorneys or other professionals?

 

 

 

X

 

 

Have the owners or shareholders received any compensation outside of the normal course of business?

 

 

 

X