Reorganization items, net

3 Months Ended

Mar. 31, 2017

Discontinued Operations and Disposal Groups [Abstract]

Reorganization items, net

Reorganization items, net

In accordance with Accounting Codification Standard 852, “Reorganizations,” the statement of operations shall portray the results of operations of the reporting entity while it is in Chapter 11. Revenues, expenses (including professional fees), realized gains and losses, and provisions for losses resulting from reorganization and restructuring of the business shall be reported separately as reorganization items.

During the three months ended March 31, 2017, the Company recorded a charge of $2.8 million in “Reorganization items, net” comprised of professional fee expense of $2.8 million. Net cash paid for “Reorganization items, net” totaled $3.7 million during the three months ended March 31, 2017.

During the three months ended March 31, 2016, the Company recorded a charge of $3.9 million in “Reorganization items, net” comprised of professional fee expense of $17.8 million, partially offset by non-cash gains on rejected contracts of $13.9 million. Net cash paid for “Reorganization items, net” totaled $1.5 million during the three months ended March 31, 2016.