Organization and Recent Events (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2016

Dec. 31, 2015

Summary of Liabilities Subject to Compromise

The following table summarizes the components of our pre-bankruptcy debt, all of which was reflected as Liabilities Subject to Compromise (“LSTC”) in our consolidated balance sheet as of December 31, 2015 (in thousands):

2017 Term Loan and accrued interest	$	326,420
2019 Term Loan and accrued interest		344,738
7.5% Senior Notes and accrued interest		1,136,748
7.125% Senior Notes and accrued interest		736,550
Pre-petition Credit Agreement		150,000
Liabilities Subject to Compromise	$	2,694,456

Schedule of Reorganization Items

Reorganization items represent amounts incurred subsequent to the Petition Date as a direct result of the filing of the Reorganization Plan and are comprised of the following:

	Successor				Predecessor
	Three Months Ended June 30, 2016		Period from February 10, 2016 to June 30, 2016		Period from January 1, 2016 to February 10, 2016
(in thousands)
Professional fees	$	487	$	641	$	22,716
Net gain on settlement of LSTC		—		—		(1,630,025	)
Fresh-start adjustments		—		—		2,060,232
	$	487	$	641	$	452,923

Predecessor

Summary of Liabilities Subject to Compromise

The following table summarizes the components of Liabilities Subject to Compromise included on our Consolidated Balance Sheet as of December 31, 2015 (in thousands):

	December 31, 2015
2017 Term Loan and accrued interest	$	326,420
2019 Term Loan and accrued interest		344,738
7.5% Senior Notes and accrued interest		1,136,748
7.125% Senior Notes and accrued interest		736,550
Old Credit Agreement		150,000
Liabilities Subject to Compromise	$	2,694,456

Schedule of Reorganization Items

The following table summarizes the components included in Reorganization items in our Consolidated Statements of Operations for the year ended December 31, 2015 (in thousands):

	December 31, 2015
Professional fees incurred (a)	$	2,225
Write-off of debt discount and debt issuance costs on Term Loans (b)		14,498
Write-off of debt issuance costs on 7.5% Senior Notes and 7.125% Senior Notes (b)		21,517
Write-off of debt issuance costs on Old Credit Agreement (b)		1,114
Reorganization Items	$	39,354

(a) For the year ended December 31, 2015, cash payments for reorganization items totaled $0.0 million.

(b) The carrying value of debt that is subject to compromise was adjusted to include the related unamortized debt discount and debt issuance costs; the debt is adjusted to the expected amount of allowed claims.

Debtors Condensed Combined Balance Sheet

Debtors’ Condensed Combined Balance Sheet (in thousands)

	As of December 31,
	2015		2014
Cash and cash equivalents	$	198,594	$	62,902
Other current assets		150,440		235,248
Total current assets		349,034		298,150
Property and equipment, net		2,888,463		2,993,225
Other assets		15,249		67,408
Total assets	$	3,252,746	$	3,358,783
Accounts payable and accrued liabilities	$	59,986	$	264,837
Intercompany payable to non-filing entities		3,331		13,027
Current maturities of long-term debt		—		53,500
Note payable to VDC		61,477		—
Total current liabilities		124,794		331,364
Long-term debt		—		2,497,103
Other long term liabilities		24,143		76,720
Liabilities subject to compromise		2,694,456		—
VDI shareholder’s equity		394,116		442,886
Noncontrolling interests		15,237		10,710
Total equity		409,353		453,596
Total liabilities and shareholder’s equity	$	3,252,746	$	3,358,783

Debtors Condensed Combined Statements of Operations

Debtors’ Condensed Combined Statements of Operations (in thousands)

	Year Ended December 31,
	2015			2014			2013
Revenues	$	755,568		$	852,872		$	696,669
Operating costs and expenses		502,963			543,249			431,669
Income from operations		252,605			309,623			265,000
Interest expense		(173,634	)		(196,160	)		(198,544	)
Other, net		14,531			3,962			(100,146	)
Reorganization items		(39,354	)		—			—
Income (loss) before income taxes		54,148			117,425			(33,690	)
Income tax provision		36,356			38,336			25,354
Net income (loss)		17,792			79,089			(59,044	)
Net income (loss) attributable to noncontrolling interests		5,085			304			(423	)
Net income (loss) attributable to VDI	$	12,707		$	78,785		$	(58,621	)

Debtors Condensed Combined Statement of Cash Flows

Debtors’ Condensed Combined Statement of Cash Flows (in thousands)

	Year Ended December 31,
	2015			2014			2013
Cash flows from operating activities
Net cash provided by (used in) operating activities	$	65,495		$	217,023		$	(333	)
Cash flows from investing activities
Additions to property and equipment		(11,325	)		(18,521	)		(504,958	)
Net cash used in investing activities		(11,325	)		(18,521	)		(504,958	)
Cash flows from financing activities
Proceeds from issuance of debt, net		—			—			1,092,071
Repayment of debt		(67,980	)		(167,562	)		(1,033,874	)
Distributions to VDC		(498	)		(995	)		(360	)
Proceeds from (repayment of) revolving credit facility		150,000			(10,000	)		10,000
Net cash provided by (used in) financing activities		81,522			(178,557	)		67,837
Net increase (decrease) in cash and cash equivalents		135,692			19,945			(437,454	)
Cash and cash equivalents—beginning of period		62,902			42,957			480,411
Cash and cash equivalents—end of period	$	198,594		$	62,902		$	42,957