FAIR VALUE DISCLOSURES (Tables)
|
12 Months Ended |
Mar. 31, 2020 |
|---|
| FAIR VALUE DISCLOSURES [Abstract] |
|
| Schedule of Fair Value Assets Measured on Recurring Basis |
The following table summarizes the financial instruments the Company had as of March 31, 2020 (Successor), valued at fair value on a recurring basis (in thousands):
| |
Successor |
| |
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Balance of
March 31, 2020
|
|
Balance Sheet
Classification
|
Derivative financial instrument
|
|
$ |
— |
|
|
$ |
2,747 |
|
|
$ |
— |
|
|
$ |
2,747 |
|
Prepaid expenses
|
Rabbi Trust investments |
|
|
2,327 |
|
|
|
— |
|
|
|
— |
|
|
|
2,327 |
|
Other assets |
Total assets |
|
$ |
2,327 |
|
|
$ |
2,747 |
|
|
$ |
— |
|
|
$ |
5,074 |
|
|
The following table summarizes the financial instruments the Company had as of March 31, 2019 (Predecessor), valued at fair value on a recurring basis (in thousands):
| |
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Balance at
March 31, 2019
|
|
Balance Sheet
Classification
|
Derivative financial instrument |
|
$ |
— |
|
|
$ |
1,845 |
|
|
$ |
— |
|
|
$ |
1,845 |
|
Prepaid expenses
|
Rabbi Trust investments |
|
|
2,544 |
|
|
|
— |
|
|
|
— |
|
|
|
2,544 |
|
Other assets |
Total assets
|
|
$ |
2,544 |
|
|
$ |
1,845 |
|
|
$ |
— |
|
|
$ |
4,389 |
|
|
|
| Rollforward of Liability Measured at Fair Value Using Significant Unobservable Inputs (Level 3) |
The following table provides a rollforward of the preferred stock embedded derivative Level 3 fair value measurements for the five months ended March 31, 2020 (Successor):
| |
|
Significant Unobservable
Inputs (Level 3)
|
|
Derivative financial instruments: |
|
|
|
Balance October 31, 2019
|
|
$ |
470,322 |
|
Change in fair value
|
|
|
(184,140 |
) |
Balance March 31, 2020
|
|
$ |
286,182 |
|
|
| Schedule of Fair Value Assets Measured on Nonrecurring Basis |
The following table summarizes the assets as of March 31, 2019 (Predecessor), valued at fair value on a non-recurring basis (in thousands):
|
|
Predecessor |
|
|
|
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
|
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
|
Balance as of
March 31, 2019
|
|
|
Total Loss for
Fiscal Year
2019
|
|
Inventories (1) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
7,697 |
|
|
$ |
7,697 |
|
|
$ |
9,276 |
|
Assets held for sale (2) |
|
|
— |
|
|
|
— |
|
|
|
5,350 |
|
|
|
5,350 |
|
|
|
8,149 |
|
Aircraft and equipment (1) |
|
|
— |
|
|
|
— |
|
|
|
136,338 |
|
|
|
136,338 |
|
|
|
104,939 |
|
Other intangible assets (1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,005 |
|
Total assets |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
149,385 |
|
|
$ |
149,385 |
|
|
$ |
125,369 |
|
|
(1) |
Fair value as of September 30, 2018. |
|
(2) |
Fair value as of March 31, 2019. |
|
| Schedule of Fair Value of Debt |
The carrying and fair value of the Company’s debt, excluding unamortized debt issuance costs, are as follows (in thousands):
| |
|
Successor |
|
|
Predecessor |
|
| |
|
March 31, 2020 |
|
|
March 31, 2019 |
|
|
|
Carrying
Value
|
|
|
Fair Value |
|
|
Carrying
Value
|
|
|
Fair Value |
|
8.75% Senior Secured Notes (1)(2)
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
347,400 |
|
|
$ |
252,000 |
|
4½% Convertible Senior Notes (1)(3)
|
|
|
— |
|
|
|
— |
|
|
|
112,944 |
|
|
|
28,923 |
|
6¼% Senior Notes (1)
|
|
|
— |
|
|
|
— |
|
|
|
401,535 |
|
|
|
75,288 |
|
Term Loan |
|
|
61,500 |
|
|
|
56,894 |
|
|
|
— |
|
|
|
— |
|
Lombard Debt (4)
|
|
|
136,180 |
|
|
|
122,165 |
|
|
|
183,450 |
|
|
|
183,450 |
|
Macquarie Debt (4)
|
|
|
148,165 |
|
|
|
138,133 |
|
|
|
171,028 |
|
|
|
171,028 |
|
PK Air Debt (4)
|
|
|
207,326 |
|
|
|
180,290 |
|
|
|
212,041 |
|
|
|
212,041 |
|
Airnorth Debt (4)
|
|
|
7,618 |
|
|
|
7,221 |
|
|
|
11,058 |
|
|
|
11,058 |
|
Humberside Debt |
|
|
335 |
|
|
|
335 |
|
|
|
— |
|
|
|
— |
|
Other Debt |
|
|
— |
|
|
|
— |
|
|
|
9,168 |
|
|
|
9,168 |
|
| |
|
$ |
561,124 |
|
|
$ |
505,038 |
|
|
$ |
1,448,624 |
|
|
$ |
942,956 |
|
|
(1) |
These debt instruments were settled in accordance with the Plan. See Note 8 for further details.
|
|
(2) |
The carrying value is net of unamortized discount of $2.6 million as of March 31, 2019 (Predecessor). |
|
(3) |
The carrying value is net of unamortized discount of $30.8 million as of March 31, 2019 (Predecessor). |
|
(4) |
In connection with the Company’s emergence from bankruptcy and the application of ASC 852, the Company adjusted debt to its respective fair value at the Effective Date by a reduction of $57.7 million. The unamortized discounts as of March 31, 2020 (Successor) were as follows: $26.4 million for the Lombard Debt, $11.1 million for the Macquarie Debt, $12.6 million for the PK Air Debt and $0.6 million for the Airnorth Debt. |
|