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7. ACCOUNTING FOR EMERGENCE FROM BANKRUPTCY.
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12 Months Ended | ||
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Dec. 31, 2011
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| Reorganization under Chapter 11 of US Bankruptcy Code Disclosure [Text Block] |
Gain
on Bankruptcy Exit – On the Effective Date, the
Company ceased to own the Plant Owners as they emerged from
bankruptcy. As a result, the Company removed the related
assets of $175,070,000 and liabilities of $294,478,000 from
its consolidated financial statements, resulting in a net
gain on bankruptcy exit of $119,408,000.
Reorganization
Costs – In accordance with the Financial
Accounting Standards Board’s Accounting Standards
Codification 852, Reorganizations,
revenues, expenses, realized gains and losses, and provisions
for losses that can be directly associated with the
reorganization and restructuring of the business must be
reported separately as reorganization items in the statements
of operations. During the year ended December 31, 2010, the
Plant Owners recorded professional fees and other
organizational costs directly related to the reorganization
of $4,153,000.
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