Current report filing

FRESH-START ACCOUNTING, Reorganization Adjustments (Details)

v3.20.1
FRESH-START ACCOUNTING, Reorganization Adjustments (Details)
$ / shares in Units, $ in Thousands
 1 Months Ended 5 Months Ended 7 Months Ended 12 Months Ended
Oct. 31, 2019
USD ($)
$ / shares
May 06, 2019
Aircraft
Oct. 31, 2019
USD ($)
Aircraft
$ / shares
Jun. 30, 2019
Lease
Mar. 31, 2020
USD ($)
$ / shares
Oct. 31, 2019
USD ($)
$ / shares
Mar. 31, 2019
USD ($)
$ / shares
Mar. 31, 2018
USD ($)
Sep. 30, 2019
Jul. 24, 2019
$ / shares
May 11, 2019
USD ($)
May 10, 2019
Reorganization Adjustments [Abstract]                        
Total $ 139,278   $ 139,278     $ 139,278            
Reserve for professional fee escrow 30,700   30,700     30,700            
Disputed claims cash reserve 900   $ 900     900            
Number of aircraft under rejected purchase contract with Airbus | Aircraft     22                  
Accrual for success fees 14,000   $ 14,000     14,000            
Trade cure payments (2,600)   (2,600)     (2,600)            
Other miscellaneous accruals $ (900)   $ (900)     $ (900)            
Interest rate 8.75%   8.75%     8.75%           8.75%
Reversal of backstop obligation reserve $ (19,300)   $ (19,300)     $ (19,300)            
Reversal of miscellaneous adjustments (300)   (300)     (300)            
Accrual of ABL Facility fees 2,200   2,200     2,200            
Reclassification of deferred compensation plan 2,000   2,000     2,000            
Short-term borrowings and current maturities of long-term debt (955,009)   (955,009)     (955,009)            
Accrued lease termination costs [1] 43,049   43,049     43,049            
Milestone Omnibus Agreement [2] 17,313   17,313     17,313            
Deferred compensation plan 1,984   1,984     1,984            
Liabilities subject to compromise 624,867   624,867     624,867            
Number of aircraft leases rejected | Lease       10                
Milestone Omnibus Agreement [2] 17,313   17,313     17,313            
Deferred Compensation Plan 1,984   1,984     1,984            
Total liabilities subject to compromise settled at emergence 605,570   605,570     605,570            
Proceeds from Rights Offering         $ 0 385,000 $ 2,830 $ 0        
Equity issued pursuant to Rights Offering and Unsecured Equity Pool [3] 727,139   727,139     727,139            
Cash paid out [4]           (273,022)            
Total pre-tax gain           265,591            
DIP Claims plus accrued interest 165,000   165,000     165,000            
DIP Equitization Allocation New Stock plus Consent Fee [3] (186,453)   (186,453)     (186,453)            
APIC Predecessor [5] $ (21,453)   $ (21,453)     $ (21,453)            
Percentage of principal balance settled 97.00%   97.00%     97.00%            
Equity Issued Pursuant to Rights Offering [Abstract]                        
Common Stock, $.01 par value $ 1                      
Preferred Stock Mezzanine Equity 523,973                      
Additional paid in capital 153,897                      
Equity Issued Unsecured Equity Pool [Abstract]                        
Common Stock, $.01 par value 0                      
Additional paid in capital 49,268                      
Total New Stock issued to participants in Rights Offering and to compromised creditor classes [3] 727,139   $ 727,139     $ 727,139            
New Stock Issued for Settlement of DIP Claims [Abstract]                        
Common Stock, $.01 par value 0                      
Preferred Stock Mezzanine Equity 94,948                      
Additional paid in capital 91,505                      
Total New Stock issued for settlement of DIP Claims [3] 186,453   186,453     186,453            
Total new stock issued 913,592                      
Total New Stock Issued [Abstract]                        
Total Preferred Stock Mezzanine Equity 618,921       1,186              
Total Common Stock issued 294,671       1,227 1,871 $ 8,867 9,808        
Less: Share-settled Redemption Feature Embedded Derivative (470,322)       $ 470,322 (470,322)            
Total Equity at Emergence $ 148,599   $ 148,599     $ 148,599            
Common stock, par value (in dollars per share) | $ / shares $ 0.01   $ 0.01   $ 0.01 $ 0.01 $ 0.01          
Common Stock                        
Total New Stock Issued [Abstract]                        
Total Common Stock issued $ 1       $ 0   $ 4 3        
Additional Paid-in Capital                        
Total New Stock Issued [Abstract]                        
Total Common Stock issued 294,670       $ 1,227 $ 1,871 $ 8,863 $ 9,805        
S-76C+                        
Reorganization Adjustments [Abstract]                        
Number of aircraft leases rejected | Lease       9                
S-76D                        
Reorganization Adjustments [Abstract]                        
Number of aircraft leases rejected | Lease       1                
H225                        
Reorganization Adjustments [Abstract]                        
Number of leased aircraft returned | Aircraft   4                    
DIP Credit Facility                        
Reorganization Adjustments [Abstract]                        
Release of restricted cash (6,900)   $ (6,900)     (6,900)            
Settlement of accrued interest (16,100)   (16,100)     (16,100)            
Total New Stock Issued [Abstract]                        
Common stock, par value (in dollars per share) | $ / shares                   $ 0.0001    
8.75% Senior Secured Notes due 2023                        
Reorganization Adjustments [Abstract]                        
Settlement of accrued interest (4,000)   (4,000)     (4,000)            
Interest rate                 8.75%      
Settlement of short-term debt and current maturities $ 275,182   $ 275,182     $ 275,182            
6.25% Senior Notes due 2022                        
Reorganization Adjustments [Abstract]                        
Interest rate 6.25%   6.25%     6.25%            
Principal and accrued interest [6] $ 415,894   $ 415,894     $ 415,894            
Principal                     $ 401,500  
Accrued interest                     14,400  
4.5% Convertible Senior Notes due 2023                        
Reorganization Adjustments [Abstract]                        
Interest rate 4.50%   4.50%   4.50% 4.50%            
Principal and accrued interest [7] $ 146,627   $ 146,627     $ 146,627            
Principal                     143,800  
Accrued interest                     $ 2,900  
Reorganization Adjustments                        
Reorganization Adjustments [Abstract]                        
Equity rights offering proceeds 385,000   385,000     385,000            
Release of funds from restricted cash 6,972   6,972     6,972            
Payments to 8.75% Senior Secured Notes due 2023 for principal and interest (270,939)   (270,939)     (270,939)            
Payment of DIP interest (1,098)   (1,098)     (1,098)            
Payments for 2019 Term Loan Amendment Fee (563)   (563)     (563)            
Reserve for Professional Fee Escrow (30,669)   (30,669)     (30,669)            
Payment of Unsecured 4(a)(2) Cash Pool Funding (7,000)   (7,000)     (7,000)            
Payments for Transaction Expenses (11,867)   (11,867)     (11,867)            
Payments to Indenture Trustee (989)   (989)     (989)            
Payment of Executive Key Employee Incentive Plan (3,432)   (3,432)     (3,432)            
Payments for Prepetition Trade Cures (2,614)   (2,614)     (2,614)            
Total 62,801   62,801     62,801            
Reinstated Milestone Omnibus Agreement (17,313)   (17,313)     (17,313)            
Reclassification from short-term borrowings and current maturities of long-term debt to long-term debt, less current maturities 525,301   525,301     525,301            
Short-term borrowings and current maturities of long-term debt 926,556   926,556     926,556            
Liabilities subject to compromise (624,867)   (624,867)     (624,867)            
Reorganization Adjustments | DIP Credit Facility                        
Reorganization Adjustments [Abstract]                        
Settlement of short-term debt and current maturities 150,000   150,000     150,000            
Reorganization Adjustments | 8.75% Senior Secured Notes due 2023                        
Reorganization Adjustments [Abstract]                        
Settlement of short-term debt and current maturities 275,182   275,182     275,182            
Settlement of remaining 8.75% Senior Secured Notes due 2023 [8] (8,255)   (8,255)     (8,255)            
Write-off of unamortized discount on the 8.75% Senior Secured Notes due 2023 $ 1,641   $ 1,641     $ 1,641            
[1] Relates to ten aircraft leases rejected in June 2019, including nine S-76C+s and one S-76D.
[2] Includes costs related to the return of four leased H225s on May 6, 2019 and includes lease termination costs, deferred lease costs previously included as short-term debt on the consolidated balance sheet and additional lease return costs.
[3] Successor Equity Issued
[4] The cash paid was used to settle 97% of the 8.75% Senior Secured Notes principal balance (Class 4) and the payments made to Unsecured Notes Claim holders (Class 8) and General Unsecured Claim holders (Class 12).
[5] Pursuant to the DIP Credit Agreement, the DIP claims and the Equitization Consent Fee were settled with New Stock. The difference between the "DIP claims plus accrued interest" and "DIP Equitization Allocation New Stock plus Consent Fee" does not flow through the income statement but is a direct adjustment to the Predecessor APIC.
[6] Includes $401.5 million of principal and $14.4 million of interest accrued through May 11, 2019.
[7] Includes $143.8 million of principal and $2.9 million of interest accrued through May 11, 2019.
[8] Represents the difference between the amount outstanding on the 8.75% Senior Secured Notes and the cash paid to settle the 8.75% Senior Secured Notes.