XML 18 R7.htm IDEA: XBRL DOCUMENT v3.7.0.1
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities:    
Net loss $ (165,362) $ (138,762)
Adjustments to reconcile net loss to net cash provided by operations:    
Depreciation and amortization 27,148 30,950
Amortization of stock-based compensation 1,896 2,731
Amortization of deferred financing costs 10,279 2,127
Provision for doubtful accounts receivable, net of write-offs 801 23
Impairment charges 162,808
Loss on sale of assets 5,241 5,918
Gain on extinguishment of debt (35,912)
Deferred income tax expense (benefit) 73,107 (38,600)
Foreign currency transaction (gain) loss 380 1,066
Change in operating assets and liabilities:    
Accounts receivable 1,072 11,306
Prepaids and other (4,891) 406
Accounts payable (3,202) 294
Other accrued liabilities and other 11,076 (8,638)
Net cash used in operating activities (42,455) (4,283)
Cash flows from investing activities:    
Purchases of vessels, equipment and other fixed assets (24,663) (13,638)
Proceeds from disposition of vessels and equipment 3,032 1,429
Net cash used in investing activities (21,631) (12,209)
Cash flows from financing activities:    
Proceeds from borrowings under revolving loan facilities 58,443 39,194
Proceeds from borrowings under DIP financing facility 17,000
Repayment of secured credit facilities (2,000) (33,448)
Debt issuance costs (831)
Other financing costs (4,299)
Proceeds from issuance of stock 227
Net cash provided by financing activities 69,144 5,142
Effect of exchange rate changes on cash 237 58
Net (decrease) increase in cash and cash equivalents 5,295 (11,292)
Cash and cash equivalents at beginning of period 8,822 21,939
Cash and cash equivalents at end of period 14,117 10,647
Supplemental cash flow information:    
Interest paid, net of interest capitalized 2,590 16,073
Income taxes paid, net 1,129 1,691
Restructuring costs paid $ 5,094