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INVESTMENTS | 12 Months Ended
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Dec. 31, 2015
INVESTMENTS |
INVESTMENTS | 6 —INVESTMENTS The Company holds an investment in the capital stock of Jinhui and the stock of KLC. Jinhui is a drybulk shipping owner and operator focused on the Supramax segment of drybulk shipping. KLC is a marine transportation service company which operates a fleet of carriers which includes carriers for iron ore, liquefied natural gas and tankers for oil and petroleum products. These investments are designated as AFS and are reported at fair value, with unrealized gains and losses recorded in equity as a component of AOCI. At December 31, 2015 and 2014, the Company held 15,706,825 and 16,335,100 shares of Jinhui capital stock, respectively, which is recorded at its fair value of $12,273 and $26,414, respectively, based on the closing price on December 30, 2015 and 2014, respectively. At December 31, 2015 and 2014, the Company held 3,355 shares of KLC stock which is recorded at its fair value of $54 and $72, respectively, based on the closing price on December 30, 2015 and 2014, respectively. The Company reviews the investment in Jinhui for indicators of other-than-temporary impairment in accordance with ASC 320-10. Based on the Company’s review, it has deemed the investment in Jinhui to be other-than-temporarily impaired as of September 30, 2015 and December 31, 2015 due to the duration and severity of the decline in its market value versus its cost basis and the absence of the intent and ability to recover the initial carrying value of the investment. As a result, during the year ended December 31, 2015, the Successor Company recorded $37,877 of impairment charge which has been recorded in Impairment of Investments in our Consolidated Statement of Operations. The Company will continue to review its investments in Jinhui and KLC for impairment on a quarterly basis. There were no impairment charges recorded by the Successor Company during the period from July 9 to December 31, 2014 or by the Predecessor Company during the period from January 1 to July 9, 2014 or the year ended December 31, 2013. The Company’s investment in Jinhui is a Level 1 item under the fair value hierarchy, refer to Note 13 — Fair Value of Financial Instruments. The unrealized gains (losses) on the Jinhui capital stock and KLC stock are a component of AOCI since these investments are designated as AFS securities. As part of fresh-start reporting, the Company revised its cost basis for its investments in Jinhui and KLC based on their fair values on the Effective Date. As a result of the other-than-temporary impairment of the investment in Jinhui, the cost basis for the investment in Jinhui will be based on its fair value as of December 31, 2015. Refer to Note 12 — Accumulated Other Comprehensive Income (Loss) for a breakdown of the components of AOCI, including the effects of the sale of Jinhui shares and the other-than-temporary impairment of the investment in Jinhui.

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