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Fresh Start Accounting | 12 Months Ended
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Dec. 31, 2022
Reorganizations [Abstract] |
Fresh Start Accounting | Fresh Start Accounting On the Emergence Date, the Company was required to adopt fresh start accounting in accordance with ASC 852 as (i) the holders of existing voting shares of the Predecessor received less than 50% of the voting shares of the Successor and (ii) the reorganization value of the Company’s assets immediately prior to confirmation of the Plan of $2.2 billion was less than the total of post-petition liabilities and allowed claims of $3.2 billion. Refer to Note 2—Emergence from Voluntary Reorganization under Chapter 11 for the terms of the Plan. Reorganization Value Under fresh start accounting, reorganization value represents the value of the entity before considering liabilities and is intended to represent the approximate amount a willing buyer would pay for the assets immediately after the restructuring. Upon the adoption of fresh start accounting, the Company allocated the reorganization value to its individual assets and liabilities based on their fair values (except for deferred income taxes) in conformity with ASC 805. Deferred income tax amounts were determined in accordance with Accounting Standards Codification 740, Income Taxes (“ASC 740”). Reorganization value is derived from an estimate of enterprise value, or the fair value of the Company’s interest-bearing debt and stockholders’ equity. As set forth in the Plan and related disclosure statement approved by the Bankruptcy Court, the enterprise value of the Successor was estimated to be between $1.3 billion and $1.7 billion. The enterprise value was prepared using reserve information, development schedules, other financial information and financial projections, and applying standard valuation techniques, including risked net asset value analysis, discounted cash flow analysis, public comparable company analysis and precedent transactions analysis. On the Emergence Date, the Company estimated the enterprise value to be $1.3 billion based on the estimates and assumptions used in determining the enterprise value coupled with consideration of the indicated enterprise value implied by the trading value of the Company’s notes prior to the Emergence Date (the “Predecessor Notes”), as the reorganized Successor’s equity would be issued to the holders of the Predecessor Notes under the Plan. The Company’s principal assets are its oil and gas properties, which were valued using primarily an income approach. The fair value of proved oil and natural gas properties was estimated using a discounted cash flow model, which is subject to management’s judgment and expertise and includes, but is not limited to, future production volume estimates based upon estimates of proved reserves, future commodity pricing, estimates of operating and development costs and a discount rate. Estimated proved reserves were risked by reserve category and were limited to wells included in the Company's five-year development plan. The underlying future commodity prices used to estimate future cash flows were based on NYMEX forward strip prices as of the Emergence Date through 2022, escalating 2% per year thereafter (based on historical average annual consumer price index percentage changes) until reaching $75 per barrel for crude oil and $4.80 per Mcf for natural gas in 2051 after which prices were held flat. These prices were adjusted for transportation fees and quality and geographical differentials. Future operating and development costs were estimated based on the Company's recent actual costs, excluding the cost benefits the Company realizes from consolidating its midstream business segment. The cash flow models also included estimates not typically included in proved reserves, such as general and administrative expenses and income tax expenses, and estimated future cash flows were discounted using a weighted average cost of capital discount rate of 11%. In estimating the fair value of the Company’s unproved acreage, a market approach was used in which a review of recent transactions involving properties in the same geographical location were considered when estimating the fair value of the Company’s acreage. The Company’s midstream business segment was primarily operated through OMP, which was classified as a discontinued operation (see Note 13—Discontinued Operations). OMP’s enterprise value as of the Emergence Date was determined using the market approach based on a volume weighted average price calculation for OMP’s outstanding limited partner units. The Company estimated the fair value of its retained interests as of the Emergence Date in Bobcat DevCo and Beartooth DevCo of 64.7% and 30%, respectively, using an income approach, which was based on the anticipated future cash flows associated with the respective DevCos and discounted using a weighted average cost of capital discount rate of 13%. The midstream segment’s tangible assets primarily consisted of pipelines, natural gas processing plants, compressor stations, produced water gathering lines and disposal wells, tanks, other facilities and equipment and rights of way. The estimated fair value of these midstream assets was determined using a cost approach, based on current replacement costs of the assets less depreciation based on the estimated useful lives of the assets and ages of the assets. Economic and functional obsolescence were also considered and applied in the form of inutility and excess capital costs. The midstream segment’s identifiable intangible assets included third-party customer contracts and its interest in OMP GP. The Company determined the estimated fair value of customer contracts based on the excess earnings method of the income approach, which consists of estimating the incremental after-tax cash flows attributable to the intangible assets only. The Company estimated the fair value of its interest as of the Emergence Date in OMP GP using a combination of an income approach and market approach. The excess reorganization value over the fair value of identified tangible and intangible assets was attributable to the midstream segment and recorded as goodwill, which was classified as held for sale on the Consolidated Balance Sheets as of December 31, 2021. Although the Company believes the assumptions and estimates used to develop enterprise value and reorganization value are reasonable and appropriate, different assumptions and estimates could materially impact the analysis and resulting conclusions. The assumptions used in estimating these values are inherently uncertain and require judgment. See below under “Fresh Start Adjustments” for additional information regarding assumptions used in the measurement of the Company’s various other significant assets and liabilities. The following table reconciles the Company’s enterprise value to the estimated fair value of the Successor’s stockholders’ equity at the Emergence Date:
| November 19, 2020
| (In thousands)
Enterprise value | $ | 1,300,000 |
Plus: Cash(1) | 5,615 |
Less: Fair value of Credit Facility(2) | (340,000) |
Fair value of Oasis share of Successor stockholders’ equity(3) | 965,615 |
Plus: Fair value of non-controlling interests | 92,816 |
Fair value of total Successor stockholders’ equity | $ | 1,058,431 |
__________________ (1)Cash excludes $4.5 million of cash attributable to OMP and includes $1.4 million that was initially classified as restricted cash as of November 19, 2020 but subsequently released from escrow and returned to the Successor. A total of $10.4 million of restricted cash as of November 19, 2020 was used to pay professional fees and is not included in the table above. (2)Enterprise value includes the value of the Company’s interests in OMP and OMP GP, which is net of debt under OMP’s senior secured revolving credit facility (the “OMP Credit Facility”), and as such, only the fair value of debt under the Credit Facility is subtracted in order to determine the value of the Successor’s stockholders’ equity. (3)Reflects Successor equity issued in accordance with the Plan, including 20,000,000 shares of common stock and 1,621,622 Warrants. The following table reconciles the Company’s enterprise value to the estimated reorganization value as of the Emergence Date:
| November 19, 2020
| (In thousands)
Enterprise value | $ | 1,300,000 |
Plus: Fair value of OMP Credit Facility held for sale(1) | 455,500 |
Plus: Fair value of non-controlling interests | 92,816 |
Plus: Cash(2) | 5,615 |
Plus: Current liabilities | 266,796 |
Plus: Asset retirement obligations (non-current portion) | 45,161 |
Plus: Other non-current liabilities | 28,086 |
Plus: Current liabilities held for sale | 38,796 |
Plus: Non-current liabilities held for sale | 5,221 |
Reorganization value of Successor assets | $ | 2,237,991 |
_________________ (1) Enterprise value includes the value of the Company’s interests in OMP and OMP GP, which is net of debt under the OMP Credit Facility, and as such, the fair value of the OMP Credit Facility is considered in the reconciliation of enterprise value to the reorganization value of the Successor’s assets. (2) Cash excludes $4.5 million of cash attributable to OMP and includes $1.4 million that was initially classified as restricted cash as of November 19, 2020 but subsequently released from escrow and returned to the Successor. A total of $10.4 million of restricted cash as of November 19, 2020 was used to pay professional fees and is not included in the table above. Reorganization value and enterprise value were estimated using numerous projections and assumptions that are inherently subject to significant uncertainties and resolution of contingencies that are beyond the Company’s control. Accordingly, the estimates included in this report are not necessarily indicative of actual outcomes, and there can be no assurance that the estimates, projections or assumptions will be realized. Condensed Consolidated Balance Sheet The adjustments set forth in the following fresh start Condensed Consolidated Balance Sheet reflect the effect of the transactions contemplated by the Plan (“Reorganization Adjustments”) and the fair value and other required adjustments as a result of applying fresh start accounting (“Fresh Start Adjustments”). The explanatory notes provide additional information with regard to the adjustments recorded, the methods used to determine fair values as well as significant assumptions.
| As of November 19, 2020
| Predecessor |  | Reorganization Adjustments |  | Fresh Start Adjustments |  | Successor
| (In thousands)
ASSETS |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 69,558 |  |  | $ | (65,317) |  | (a) | $ | — |  |  | $ | 4,241 |
Restricted cash | — |  |  | 11,800 |  | (b) | — |  |  | 11,800 |
Accounts receivable, net | 234,413 |  |  | — |  |  | — |  |  | 234,413 |
Inventory | 19,867 |  |  | — |  |  | 2,102 |  | (q) | 21,969 |
Prepaid expenses | 8,085 |  |  | (4,325) |  | (c) | — |  |  | 3,760 |
Derivative instruments | 728 |  |  | — |  |  | — |  |  | 728 |
Other current assets | 104 |  |  | — |  |  | — |  |  | 104 |
Current assets held for sale | 62,070 |  |  | — |  |  | — |  |  | 62,070 |
Total current assets | 394,825 |  |  | (57,842) |  |  | 2,102 |  |  | 339,085 |
Property, plant and equipment |  |  |  |  |  |  |
Oil and gas properties (successful efforts method) | 9,301,065 |  |  | — |  |  | (8,505,818) |  | (r) | 795,247 |
Other property and equipment | 105,410 |  |  | — |  |  | (60,411) |  | (r) | 44,999 |
Less: accumulated depreciation, depletion, amortization and impairment | (8,332,534) |  |  | — |  |  | 8,332,534 |  | (r) | — |
Total property, plant and equipment, net | 1,073,941 |  |  | — |  |  | (233,695) |  |  | 840,246 |
Derivative instruments | 47 |  |  | — |  |  | — |  |  | 47 |
Long-term inventory | 12,526 |  |  | — |  |  | (292) |  | (q) | 12,234 |
Operating right-of-use assets | 11,509 |  |  | — |  |  | (797) |  | (s) | 10,712 |
Other assets | 19,876 |  |  | 7,017 |  | (d) | (8,139) |  | (t) | 18,754 |
Non-current assets held for sale | 921,031 |  |  | — |  |  | 95,882 |  | (u) | 1,016,913 |
Total assets | $ | 2,433,755 |  |  | $ | (50,825) |  |  | $ | (144,939) |  |  | $ | 2,237,991 |
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |
Accounts payable | $ | (291) |  |  | $ | 21,809 |  | (e) | $ | — |  |  | $ | 21,518 |
Revenues and production taxes payable | 129,031 |  |  | — |  |  | — |  |  | 129,031 |
Accrued liabilities | 46,561 |  |  | 57,470 |  | (f) | 1,885 |  | (v) | 105,916 |
Current maturities of long-term debt | 360,640 |  |  | (360,640) |  | (g) | — |  |  | — |
Accrued interest payable | 32,538 |  |  | (32,496) |  | (h) | — |  |  | 42 |
Derivative instruments | 4,902 |  |  | 49 |  | (i) | 18 |  | (w) | 4,969 |
Advances from joint interest partners | 170 |  |  | 2,555 |  | (i) | — |  |  | 2,725 |
Current operating lease liabilities | 109 |  |  | 924 |  | (i) | (76) |  | (s) | 957 |
Other current liabilities | (102) |  |  | 1,774 |  | (i) | (34) |  | (s) | 1,638 |
Current liabilities held for sale | 66,810 |  |  | (28,014) |  | (j) | — |  |  | 38,796 |
Total current liabilities | 640,368 |  |  | (336,569) |  |  | 1,793 |  |  | 305,592 |
Long-term debt | — |  |  | 340,000 |  | (k) | — |  |  | 340,000 |
Deferred income taxes | 1,097 |  |  | 9,746 |  | (l) | (6,412) |  | (x) | 4,431 |
Asset retirement obligations | 283 |  |  | 57,306 |  | (i) | (12,428) |  | (v) | 45,161 |
Derivative instruments | 5,316 |  |  | — |  |  | 41 |  | (w) | 5,357 |
Operating lease liabilities | 72 |  |  | 15,462 |  | (i) | (740) |  | (s) | 14,794 |
Other liabilities | 80 |  |  | 3,456 |  | (i) | (32) |  | (s) | 3,504 |
Liabilities subject to compromise | 2,051,294 |  |  | (2,051,294) |  | (m) | — |  |  | — |
Non-current liabilities held for sale | 461,859 |  |  | — |  |  | (1,138) |  | (y) | 460,721 |
Total liabilities | 3,160,369 |  |  | (1,961,893) |  |  | (18,916) |  |  | 1,179,560 |
Commitments and contingencies |  |  |  |  |  |  |
Stockholders’ equity (deficit) |  |  |  |  |  |  |
Predecessor common stock | 3,233 |  |  | (3,233) |  | (n) | — |  |  | — |
Successor common stock | — |  |  | 200 |  | (o) | — |  |  | 200 |
Predecessor treasury stock, at cost | (36,637) |  |  | 36,637 |  | (n) | — |  |  | — |
Predecessor additional paid-in capital | 3,131,446 |  |  | (3,131,446) |  | (n) | — |  |  | — |
Successor additional paid-in capital | — |  |  | 965,415 |  | (o) | — |  |  | 965,415 |
Retained earnings (accumulated deficit) | (3,995,209) |  |  | 4,034,401 |  | (p) | (39,192) |  | (z) | — |
Oasis share of stockholders’ equity (deficit) | (897,167) |  |  | 1,901,974 |  |  | (39,192) |  |  | 965,615 |
Non-controlling interests | 170,553 |  |  | 9,094 |  | (p) | (86,831) |  | (z) | 92,816 |
Total stockholders’ equity (deficit) | (726,614) |  |  | 1,911,068 |  |  | (126,023) |  |  | 1,058,431 |
Total liabilities and stockholders’ equity (deficit) | $ | 2,433,755 |  |  | $ | (50,825) |  |  | $ | (144,939) |  |  | $ | 2,237,991 |
Reorganization Adjustments (a)The table below reflects the uses of cash on the Emergence Date from the implementation of the Plan:
| (In thousands)
Payment of Credit Facility principal(1) | $ | 20,640 |
Payment pursuant to the Mirada Settlement Agreement | 20,000 |
Funding of the professional fees escrow account | 11,800 |
Payment of Credit Facility fees | 6,900 |
Payment of professional fees | 3,766 |
Payment of DIP Credit Facility accrued interest and fees | 1,375 |
Payment of Predecessor Credit Facility accrued interest and fees | 836 |
Total uses of cash | $ | 65,317 |
_________________ (1)On the Emergence Date, the principal amounts under the DIP Credit Facility and the Predecessor Credit Facility of $300.0 million and $60.6 million, respectively, were converted to principal amounts of revolving loans under the Credit Facility in accordance with the Plan. (b)Reflects the funding of an escrow account for professional fees associated with the Chapter 11 Cases, as required by the Plan. (c)Reflects the remaining unamortized amount of prepaid cash incentives under the 2020 Incentive Compensation Program (as defined in Note 18—Equity-Based Compensation), which vested on the Emergence Date as a result of implementing the Plan, and was recorded in general and administrative expenses. (d)Represents $7.3 million of fees related to the Credit Facility paid or accrued on the Emergence Date, which were capitalized as deferred financing costs and are being amortized to interest expense through the maturity date of July 1, 2027, offset by approximately $0.2 million of deferred financing costs related to the Predecessor Credit Facility, which were eliminated with a corresponding charge to reorganization items, net. (e)Represents the reinstatement of $19.9 million of accounts payable included in liabilities subject to compromise to be satisfied in the ordinary course of business, coupled with a $1.9 million reclassification from accrued liabilities to accounts payable related to certain equity-based compensation awards classified as liabilities that vested on the Emergence Date. (f)Changes in accrued liabilities include the following:
| (In thousands)
Reinstatement of accrued expenses from liabilities subject to compromise | $ | 73,778 |
Accrual for professional fees incurred upon Emergence Date | 4,603 |
Vesting of equity-based compensation awards classified as liabilities | 1,142 |
Payment pursuant to Mirada Settlement Agreement | (20,000) |
Reclassification of payable for vested liability awards to accounts payable | (1,913) |
Payment of certain professional fees accrued prior to Emergence Date | (140) |
Net impact to accrued liabilities | $ | 57,470 |
(g)Reflects the refinancing of the borrowings outstanding under the DIP Credit Facility and Predecessor Credit Facility of $300.0 million and $60.6 million, respectively, through the Credit Facility on the Emergence Date. (h)Reflects the write-off of specified default interest of $30.3 million which was waived on the Emergence Date, and the payment of accrued interest for the DIP Credit Facility and Predecessor Credit Facility of $1.4 million and $0.8 million, respectively, on the Emergence Date. (i)Reflects the reinstatement of obligations that were classified as liabilities subject to compromise. (j)Reflects the write-off of specified default interest of $28.0 million related to the OMP Credit Facility that was waived on the Emergence Date. (k)Reflects borrowings drawn under the Credit Facility on the Emergence Date, consisting of principal amounts that were converted from principal amounts under the DIP Credit Facility and the Predecessor Credit Facility of $300.0 million and $60.6 million, respectively, in accordance with the Plan, partially offset by a principal repayment amount of $20.6 million. (l)Reflects an increase in the deferred tax liability recorded as a result of an ownership change under Section 382 of the Code. (m)On the Emergence Date, liabilities subject to compromise were settled in accordance with the Plan as follows:
| (In thousands)
Predecessor Notes | $ | 1,825,757 |
Accrued interest on Predecessor Notes | 50,337 |
Asset retirement obligations | 57,306 |
Accounts payable and accrued liabilities | 93,674 |
Other liabilities | 24,220 |
Total liabilities subject to compromise of the Predecessor | 2,051,294 |
Reinstatement of liabilities for general unsecured claims | (175,200) |
Issuance of common stock to Predecessor Notes holders | (941,810) |
Gain on settlement of liabilities subject to compromise | $ | 934,284 |
(n)Reflects the cancellation of the Predecessor’s accumulated deficit, common stock and treasury stock and changes in the Predecessor’s additional paid-in capital as follows:
| (In thousands)
Cancellation of accumulated deficit | $ | (3,086,292) |
Cancellation of common stock | 3,233 |
Cancellation of treasury stock | (36,637) |
Equity-based compensation for vesting of awards classified as equity | 12,055 |
Issuance of Warrants to Predecessor common stockholders | (23,805) |
Net impact to Predecessor additional paid-in capital | $ | (3,131,446) |
(o)Reflects the distribution of Successor equity instruments in accordance with the Plan, including the issuance of 20,000,000 shares of common stock at a par value of $0.01 per share and 1,621,622 Warrants. The fair value of the Warrants was estimated at $14.68 per Warrant using a Black-Scholes model.
| (In thousands)
Common stock to Predecessor Notes holders | $ | 941,810 |
Warrants to Predecessor common stockholders | 23,805 |
Total fair value of Successor equity | $ | 965,615 |
(p)The table below reflects the cumulative impact of the reorganization adjustments discussed above:
| (In thousands)
Gain on settlement of liabilities subject to compromise | $ | 934,284 |
Write-off of specified default interest | 30,285 |
Gain on debt discharge | 964,569 |
Professional fees incurred on the Emergence Date | (7,869) |
Write-off of Predecessor Credit Facility deferred financing costs | (243) |
Total reorganization items from reorganization adjustments | 956,457 |
Equity-based compensation expense for vesting of awards on Emergence Date | (13,197) |
Vesting of prepaid cash incentive compensation | (4,325) |
Income from reorganization adjustments from continuing operations before income taxes | 938,935 |
Income tax expense | (9,746) |
Net income from reorganization adjustments from continuing operations | $ | 929,189 |
Gain on debt discharge from discontinued operations | 28,014 |
Less: Net income from reorganization adjustments attributable to non-controlling interests | (9,094) |
Net income from reorganization adjustments from discontinued operations | $ | 18,920 |
Net income from reorganization adjustments attributable to Oasis | $ | 948,109 |
Cancellation of accumulated deficit | 3,086,292 |
Net impact to Predecessor retained earnings (accumulated deficit) | $ | 4,034,401 |
Fresh Start Adjustments (q)Reflects fair value adjustments to the Company’s crude oil inventory, equipment inventory, and long-term linefill inventory of $1.6 million, $0.5 million and $(0.3) million, respectively, based on market prices as of the Emergence Date. Crude oil prices were estimated using NYMEX West Texas Intermediate crude oil index prices (“NYMEX WTI”) based on the estimated timing of liquidation and adjusted for quality and location differentials. (r)Reflects adjustments to present the Company's proved oil and gas properties, unproved acreage and other property and equipment at their estimated fair values based on the valuation methodology discussed above as well as the elimination of accumulated depreciation, depletion, amortization and impairment. The following table summarizes the components of property, plant and equipment as of the Emergence Date:
| Fair Value |  |  | Historical Book Value
| (In thousands)
Proved oil and gas properties | $ | 755,247 |  |  |  | $ | 9,126,507 |
Less: Accumulated depreciation, depletion, amortization and impairment | — |  |  |  | (8,259,334) |
Proved oil and gas properties, net | 755,247 |  |  |  | 867,173 |
Unproved oil and gas properties | 40,000 |  |  |  | 174,558 |
Other property and equipment | 44,999 |  |  |  | 105,410 |
Less: Accumulated depreciation and impairment | — |  |  |  | (73,200) |
Other property and equipment, net | 44,999 |  |  |  | 32,210 |
Total property, plant and equipment, net | $ | 840,246 |  |  |  | $ | 1,073,941 |
(s)Reflects adjustments required to present operating lease right-of-use assets and operating and finance lease liabilities at fair value. The Company's remaining lease obligations were remeasured using incremental borrowing rates applicable to the Company as of the Emergence Date and commensurate with the Successor's capital structure. The incremental borrowing rates ranged from 3.06% to 6.58% based on the tenor of the leases. Finance lease liabilities are included in other current liabilities and other liabilities on the Company’s Consolidated Balance Sheet. (t)Reflects adjustments to eliminate certain deferred costs determined to have no fair value, including electrical infrastructure costs of $8.1 million and a $0.1 million adjustment to present finance lease right-of-use assets at fair value. (u)Reflects the adjustments to non-current assets held for sale as follows:
| (In thousands)
Proved oil and gas properties | $ | 44,533 |
Other property and equipment | (312,657) |
Accumulated depreciation and impairment | 247,162 |
Goodwill | 70,534 |
Interest in OMP GP | 28,000 |
Customer contracts | 15,000 |
Equipment inventory | 705 |
Deferred financing costs related to the OMP Credit Facility | (1,515) |
Non-current assets held for sale from discontinued operations, net | 91,762 |
Non-current assets held for sale from continuing operations(1) | 4,120 |
Total non-current assets held for sale, net | $ | 95,882 |
_________________ (1)Represents the adjustment to certain assets from continuing operations held for sale as of the Emergence Date for the sales price agreed upon with the buyer, less estimated costs to sell. (v)Reflects the adjustment to present the Company's asset retirement obligations (“ARO”) at fair value using assumptions as of the Emergence Date, including an inflation factor of 2% and an estimated 30-year credit-adjusted risk-free rate of 8.5%. (w)Reflects the fair value adjustment to the Company’s derivative instruments using the Company’s estimated credit-adjusted risk-free rate as of the Emergence Date of 5.12%. (x)Reflects the adjustment to deferred income taxes to reflect the change in the financial reporting basis of assets as a result of the adoption of fresh start accounting. (y)Reflects the adjustment to present ARO from discontinued operations at fair value. (z)The table below reflects the cumulative impact of the fresh start adjustments discussed above:
| (In thousands)
Loss on revaluation adjustments from continuing operations | $ | (225,336) |
Income tax benefit | 6,412 |
Net loss from fresh start adjustments from continuing operations | $ | (218,924) |
Gain on revaluation adjustments from discontinued operations | $ | 92,901 |
Less: Net loss from fresh start adjustments attributable to non-controlling interests | 86,831 |
Net gain from fresh start adjustments from discontinued operations | $ | 179,732 |
Net loss from fresh start adjustments attributable to Oasis | $ | (39,192) |
Reorganization Items, Net Any expenses, gains and losses that were realized or incurred between the Petition Date and the Emergence Date and as a direct result of the Chapter 11 Cases and the implementation of the Plan were recorded in reorganization items, net in the Company’s Consolidated Statement of Operations for the period from January 1, 2020 through November 19, 2020 (Predecessor). The following table summarizes the components of reorganization items, net:
| (In thousands)
Continuing operations: |
Gain on debt discharge | $ | 964,569 |
Loss on revaluation adjustments | (225,336) |
Write-off of unamortized debt discount | (38,373) |
Professional fees | (16,352) |
Write-off of unamortized deferred financing costs | (12,739) |
DIP Credit Facility fees | (5,853) |
Total reorganization items from continuing operations, net | $ | 665,916 |
Discontinued operations: |
Gain on debt discharge | $ | 28,014 |
Gain on revaluation adjustments | 92,901 |
Total reorganization items from discontinued operations | $ | 120,915 |

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