The unaudited pro forma balance sheet below summarizes the impact of the reorganization and the Fresh Start accounting as if the effective date of the emergence from bankruptcy had occurred on June 30, 2017. The estimated reorganization value has been allocated to the assets and liabilities acquired based upon their estimated fair values, as shown below. The estimated fair values of certain assets and liabilities, including property, plant and equipment, investments in, at equity, and advances to unconsolidated companies, net pension obligations, equity warrants, deferred taxes (including uncertain tax positions), and contingencies require significant judgments and estimates and the pro forma successor balance sheet reflects only those estimates reasonably determined at the time of this filing. The company continues to assess the fair values of certain assets acquired and liabilities assumed, and these estimated fair values are preliminary and subject to material change:

(Unaudited, in thousands)									Successor
	Predecessor		Reorganization			Fresh Start			Pro forma
ASSETS	June 30, 2017		Adjustments (1)			Adjustments (2)			June 30, 2017
Current assets:
Cash and cash equivalents	$	683,778		(225,000	)		—			458,778
Other current assets		435,138		(12,400	)		—			422,738
Total current assets		1,118,916		(237,400	)		—			881,516
Investments in, at equity, and advances to unconsolidated companies		49,216		—			(26,754	)		22,462
Net properties and equipment		2,659,314		—			(1,962,940	)		696,374
Other assets		92,134		—			—			92,134
Total assets	$	3,919,580		(237,400	)		(1,989,694	)		1,692,486

LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt	$	10,106		—			—			10,106
Other current liabilities		250,066		—			(423	)		249,643
Total current liabilities		260,172		—			(423	)		259,749
Long-term debt		80,863		350,000			(969	)		429,894
Accrued property and liability losses		2,776		—			—			2,776
Other liabilities and deferred credits		60,382		—			(3,315	)		57,067
Liabilities subject to compromise		2,389,557		(2,389,557	)		—			—

Commitments and Contingencies

Equity:
Total stockholders’ equity		1,110,865		1,802,157			(1,982,022	)		931,000
Noncontrolling interests		14,965		—			(2,965	)		12,000
Total equity		1,125,830		1,802,157			(1,984,987	)		943,000
Total liabilities and equity	$	3,919,580		(237,400	)		(1,989,694	)		1,692,486

(1)

Reorganization adjustments include restructuring transactions to recognize approximately $12.4 million of previously deposited success fees, replace debt claims with new debt, equity and cash, recognize a gain on debt extinguishment, and the cancellation of Predecessor equity.

(2)

Fresh start adjustments include revaluations of fixed assets, consisting primarily of the company’s vessel fleet, the company’s investment in unconsolidated subsidiaries and noncontrolling interests to their estimated fair values upon the date of emergence as well as the recognition of the predecessor’s other deferred gains and remaining debt issue costs associated with the remaining Troms borrowings as reorganization items. The estimated fair values require significant judgments and estimates and the proforma successor balance sheet reflects only those estimates reasonably determined at the time of this filing.