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INVESTMENTS | 12 Months Ended
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Dec. 31, 2016
INVESTMENTS |
INVESTMENTS | 6 - INVESTMENTS The Company held 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 were designated as AFS and were reported at fair value, with unrealized gains and losses recorded in equity as a component of AOCI. At December 31, 2016 and 2015, the Company held 0 and 15,706,825 shares of Jinhui capital stock, respectively, which is recorded at its fair value of $0 and $12,273, respectively. At December 31, 2016 and 2015, the Company held 0 and 3,355 shares of KLC stock, respectively, which is recorded at its fair value of $0 and $54, respectively. Prior to the sale of its remaining shares of Jinhui capital stock, the Company reviewed the investment in Jinhui for indicators of other-than-temporary impairment in accordance with ASC 320-10. Based on the Company’s review, it had deemed the investment in Jinhui to be other-than-temporarily impaired as of June 30, 2016, December 31, 2015 and September 30, 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, the Successor Company recorded an impairment charge in the Consolidated Statements of Operations of $2,696 and $37,877 during the years ended December 31, 2016 and 2015, respectively. The Company reviewed 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. The Company’s investment in Jinhui was 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 were a component of AOCI since these investments were 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 was revised to its fair value on the date that the investment was deemed to be other-than-temporarily impaired. 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 and KLC shares and the other-than-temporary impairment of the investment in Jinhui.

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