scc Doc 407 Filed 12/11/17 Entered 12/11/17 13:21:45 Main Document Pg 1 of 36 UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK

Transcription

1 Pg 1 of 36 UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK x : In re : Chapter 11 : TOISA LIMITED, et. al., : Case No (SCC) : : Jointly Administered Debtors. : Objection Deadline: January 12, 2018 : x FOURTH MONTHLY APPLICATION OF ZOLFO COOPER, LLC, BANKRUPTCY CONSULTANTS AND SPECIAL FINANCIAL ADVISORS TO THE DEBTORS, FOR ALLOWANCE OF COMPENSATION FOR SERVICES RENDERED AND FOR REIMBURSEMENT OF EXPENSES FOR THE PERIOD OF OCTOBER 1, 2017 THROUGH OCTOBER 31, 2017 Name of applicant: Authorized to provide professional services to: Zolfo Cooper, LLC Toisa Limited, et al., as Debtors and Debtors in Possession Date of retention: Nunc Pro Tunc to June 21, 2017 Period for which compensation and reimbursement is sought: Amount of compensation sought as actual, reasonable and necessary: October 1, 2017 through October 31, 2017 $ 552, Amount of payment sought: $ 441, (80% of $552,408.50) Amount of expense reimbursement sought as actual, reasonable and necessary: $ 87, Type of Application: Monthly X Interim Final Is this a first monthly application? Yes No X _

2 Pg 2 of 36 Prior Applications: Date Filed; Docket No. 9/8/2017; /4/2017; /15/2017; /8/2017; N/A Requested Paid Period Covered Fees Expenses Fees Expenses 6/21/2017 7/31/2017 8/1/2017 8/31/2017 9/1/2017 9/30/ /1/ /31/2017 $517, $118, $413, $118, $595, $111, $476, $111, $501, $133, PENDING PENDING $552, $87, PENDING PENDING Total $2,166, $450, $889, $229,

3 Pg 3 of 36 Zolfo Cooper, LLC ( ZC ), as bankruptcy consultants and special financial advisors to Toisa Limited, et al. and its affiliated debtors and debtors in possession in these chapter 11 cases (collectively, the Debtors ), hereby submits this monthly fee statement (the Fee Statement ), pursuant to ( i ) this Court s Order Under Bankruptcy Code Sections 105(a) And 331 Establishing Procedures For Interim Compensation And Reimbursement Of Expenses Of Professionals, dated February 21, 2017 (the Interim Compensation Order ) (Docket No. 37) and (ii) this Court s Order Authorizing Debtors To Retain Zolfo Cooper, LLC As Bankruptcy Consultants And Special Financial Advisors To The Debtors Nunc Pro Tunc to June 21, 2017, dated August 1, 2017 (Docket No. 267), seeking compensation and reimbursement of expenses for the period October 1, 2017 through October 31, 2017 (the Fourth Monthly Period ). By this Fee Statement, ZC seeks (i) payment of $441, which is equal to eighty percent (80%) of the total amount of compensation sought for actual and necessary professional services incurred during the Fourth Monthly Period and (ii) payment of $87, which is equal to one hundred percent (100%) of the total expenses incurred during the Fourth Monthly Period. This Fee Statement includes a billing summary by individual, setting forth the (i) name and title of each individual for whose work on these cases compensation is sought, (ii) aggregate time expended by each such individual and (iii) hourly billing rate for each such individual at ZC s current billing rates. Summaries of compensation sought by matter category and reimbursement sought by expense type are also provided on the following pages. 3

4 Pg 4 of 36 Attached hereto as Exhibits A and B are a Description of Task Categories and a report outlining the Summary of Hours and Fees By Task Category for the Fourth Monthly Period. Also attached as Exhibit C are time entry records for the Fourth Monthly Period that were recorded in tenths of an hour, maintained in the ordinary course of ZC s practices, and that set forth a detailed description of services performed by each professional on behalf of the Debtors. Attached hereto as Exhibits D and E are the summary report of expenses by category and itemized expenses for the Fourth Monthly Period incurred in connection with the performance of professional services. 4

5 Pg 5 of 36 SUMMARY OF HOURS AND FEES BY PROFESSIONAL October 1, 2017 October 31, 2017 Total Hours Total Fees Professional Title Rate (1) During Period During Period Jonathan Mitchell Senior Managing Director $1, $73, Jason Keyes Senior Director $ $164, Elizabeth Kardos Counsel $ $ Kevin McCarty Manager $ $110, Helen Zhang Associate $ $82, John Katsigeorgis Associate $ $85, Alissia Bell Junior Associate $ $20, Jarett Bienenstock Analyst $ $ Subtotal for Professionals 1,030.8 $538, Laurie Verry Paraprofessional $ $1, Paul Fabsik Paraprofessional $ $12, Subtotal for Paraprofessionals 57.1 $14, Total 1,087.9 $552, (1) Non-working travel time fees are reduced by 50%. Consistent with Zolfo Cooper s semi-annual hourly rate adjustments. Average Billing Rate $ Monthly 80% $441,

6 Pg 6 of 36 October 1, 2017 October 31, 2017 Total Hours Matter Code During Period Total Fees During Period 1 Chapter 11 Process 33.6 $27, DIP Budget Process Management 0.0 $ Cash Management $126, Communication with Interested Parties 82.4 $50, U. S. Trustee / Court Reporting Requirements 0.0 $0.00 Business Plan Development Scenario $103, Development 7 Business Analysis 5.0 $1, Valuation 24.3 $12, Asset Dispositions, 363 Sales 0.6 $ Accounting 18.5 $9, Plan, Disclosure Statement, Solicitation $124, DIP Financing / Cash Collateral 0.0 $ Business Operations 0.0 $ Testimony 0.0 $0.00 Executory Contracts, Unexpired Leases, and 1.1 $ Real Estate 16 Claims Process 0.0 $ Special Projects 8.0 $2, ZC Retention, Fee Applications, and 93.7 $38, Engagement Administration 19 Avoidance Actions 0.0 $ Travel $54, Executive Committee Updates 0.0 $0.00 Total 1,087.9 $552, Average Billing Rate: $ Total 80%: $441,

7 Pg 7 of 36 SUMMARY OF EXPENSES October 1, 2017 October 31, 2017 Expense Category Total Expenses During Period Travel and Lodging $82, Meals $2, Telephone $1, Direct Charges $ Total $87,

8 Pg 8 of 36 NOTICE AND OBJECTION PROCEDURES Pursuant to the Interim Compensation Order, ZC has provided notice of filing of this statement by hand or overnight delivery to: (i) the Debtors, c/o Brokerage and Management Corporation, NY Agency of Marine Management Services, M.C., 40 Wall Street, New York, New York 10005, Attn: Richard W. Baldwin, Esq.; (ii) counsel to the Debtors, Togut, Segal & Segal LLP, One Penn Plaza, Suite 3335, New York, New York, 10119, Attn: Frank A. Oswald, Esq. and Brian F. Moore, Esq. (frankoswald@teamtogut.com and bmoore@teamtogut.com); (iii) the Office of the United States Trustee for Region 2, U.S. Federal Office Building, 201 Varick Street, Suite 1006, New York, New York 10014, Attn: Paul Schwartzberg, Esq. (paul.schwartzberg@usdoj.gov); (iv) counsel to Citibank, N.A., Norton Rose Fulbright US LLP, 1301 Avenue of the Americas, New York, New York 10019, Attn: Louis R. Strubeck, Jr., Esq. and David Rosenzweig, Esq. (louis.strubeck@nortonrosefulbright.com and david.rosenzweig@nortonrosefulbright.com); (v) counsel to the Ad Hoc Steering Committee of Lenders, Cadwalader, Wickersham & Taft LLP, 200 Liberty Street, New York, New York, 10281, Attn: Gregory Petrick, Esq. and Michele Maman, Esq., (Gregory.Petrick@cwt.com and Michele.Maman@cwt.com); and (iv) counsel to Credit Agricole, Linklaters LLP, 1345 Avenue of the Americas, New York, New York 10019, Attn: Robert Trust, Esq. and Margot Schonholtz, Esq., (Robert.trust@linklaters.com and margot.schonholtz@linklaters.com). Pursuant to the Interim Compensation Order, objections to this Fee Statement, if any, must be served upon the Notice Parties no later than January 12, 2018 (the Objection Deadline ), setting forth the nature of the objection and the specific amount of fees or expenses at issue. 8

9 Pg 9 of 36 If no objections to the Fee Statement are received on or before the Objection Deadline, the Debtors will pay ZC: (i) 80% of ZC s total fees for services rendered during the Fourth Monthly Period and (ii) 100% of the total expenses incurred during the Fourth Monthly Period. To the extent an objection to the Fee Statement is received on or before the Objection Deadline, the Debtors will withhold payment of that portion of the Fee Statement to which the objection is directed and will promptly pay the remainder of the fees and expenses in the percentages set forth above. To the extent such objection is not resolved, it shall be preserved and scheduled for consideration at the next interim fee application hearing. 9

10 Pg 10 of 36

11 Pg 11 of 36 Code 1 Chapter 11 Process ZOLFO COOPER LLC TOISA LIMITED MATTER CATEGORIES 2 DIP Budget Process Management 3 Cash Management Matter Category 4 Communication with Interested Parties 5 U. S. Trustee / Court Reporting Requirements 6 Business Plan Development Scenario Development 7 Business Analysis 8 Valuation 9 Asset Dispositions, 363 Sales 10 Accounting 11 Plan, Disclosure Statement, Solicitation 12 DIP Financing / Cash Collateral 13 Business Operations 14 Testimony 15 Executory Contracts, Unexpired Leases, and Real Estate 16 Claims Process 17 Special Projects 18 ZC Retention, Fee Applications, and Engagement Administration 19 Avoidance Actions 20 Travel (1) 21 Executive Committee Updates (1) Non-working travel time fees are reduced by 50% Exhibit A

12 Pg 12 of 36 ZOLFO COOPER LLC TOISA LIMITED FOR THE PERIOD FROM OCTOBER 1, 2017 TO OCTOBER 31, 2017 Exhibit B MATTER CODE 1 - Chapter 11 Process HOURLY OCTOBER PROFESSIONAL TITLE RATE HOURS FEES Jonathan Mitchell Senior Managing Director $1, $ 9, Jason Keyes Senior Director $ $ 16, Kevin McCarty Manager $ $ 1, Helen Zhang Associate $ $ John Katsigeorgis Associate $440 - $ - Jarett Bienenstock Analyst $305 - $ - Laurie Verry Paraprofessional $285 - $ $ 27, MATTER CODE 3 - Cash Management HOURLY OCTOBER PROFESSIONAL TITLE RATE HOURS FEES Jonathan Mitchell Senior Managing Director $1, $ 2, Jason Keyes Senior Director $ $ 9, Kevin McCarty Manager $ $ 27, Helen Zhang Associate $ $ 40, John Katsigeorgis Associate $ $ 46, Jarett Bienenstock Analyst $305 - $ - Elizabeth Kardos Counsel $565 - $ - Laurie Verry Paraprofessional $285 - $ $ 126,

13 Pg 13 of 36 ZOLFO COOPER LLC TOISA LIMITED FOR THE PERIOD FROM OCTOBER 1, 2017 TO OCTOBER 31, 2017 Exhibit B MATTER CODE 4 - Communication with Interested Parties HOURLY OCTOBER PROFESSIONAL TITLE RATE HOURS FEES Jonathan Mitchell Senior Managing Director $1, $ 6, Jason Keyes Senior Director $ $ 18, Kevin McCarty Manager $ $ 15, Helen Zhang Associate $ $ John Katsigeorgis Associate $ $ 8, Jarett Bienenstock Analyst $305 - $ - Elizabeth Kardos Counsel $565 - $ - Laurie Verry Paraprofessional $285 - $ $ 50, MATTER CODE 6 - Business Plan Development Scenario Development HOURLY OCTOBER PROFESSIONAL TITLE RATE HOURS FEES Jonathan Mitchell Senior Managing Director $1, $ 7, Jason Keyes Senior Director $ $ 36, Kevin McCarty Manager $ $ 17, Helen Zhang Associate $ $ 18, John Katsigeorgis Associate $ $ 20, Alissia Bell Junior Associate $ $ 2, Jarett Bienenstock Analyst $305 - $ - Elizabeth Kardos Counsel $565 - $ - Laurie Verry Paraprofessional $285 - $ $ 103,

14 Pg 14 of 36 ZOLFO COOPER LLC TOISA LIMITED FOR THE PERIOD FROM OCTOBER 1, 2017 TO OCTOBER 31, 2017 Exhibit B MATTER CODE 7 - Business Analysis HOURLY OCTOBER PROFESSIONAL TITLE RATE HOURS FEES Jonathan Mitchell Senior Managing Director $1,035 - $ - Jason Keyes Senior Director $810 - $ - Kevin McCarty Manager $495 - $ - Helen Zhang Associate $440 - $ - John Katsigeorgis Associate $ $ Alissia Bell Junior Associate $ $ Jarett Bienenstock Analyst $ $ Elizabeth Kardos Counsel $565 - $ - Laurie Verry Paraprofessional $285 - $ $ 1, MATTER CODE 8 - Valuation HOURLY OCTOBER PROFESSIONAL TITLE RATE HOURS FEES Jonathan Mitchell Senior Managing Director $1,035 - $ - Jason Keyes Senior Director $ $ 2, Kevin McCarty Manager $ $ 8, Helen Zhang Associate $440 - $ - John Katsigeorgis Associate $440 - $ - Alissia Bell Junior Associate $ $ 1, Jarett Bienenstock Analyst $305 - $ - Elizabeth Kardos Counsel $565 - $ - Laurie Verry Paraprofessional $285 - $ $ 12,

15 Pg 15 of 36 ZOLFO COOPER LLC TOISA LIMITED FOR THE PERIOD FROM OCTOBER 1, 2017 TO OCTOBER 31, 2017 Exhibit B MATTER CODE 9 - Asset Dispositions, 363 Sales HOURLY OCTOBER PROFESSIONAL TITLE RATE HOURS FEES Jonathan Mitchell Senior Managing Director $1, $ Jason Keyes Senior Director $810 - $ - Kevin McCarty Manager $495 - $ - Helen Zhang Associate $440 - $ - John Katsigeorgis Associate $440 - $ - Jarett Bienenstock Analyst $305 - $ - Elizabeth Kardos Counsel $565 - $ - Laurie Verry Paraprofessional $285 - $ $ MATTER CODE 10 - Accounting HOURLY OCTOBER PROFESSIONAL TITLE RATE HOURS FEES Jonathan Mitchell Senior Managing Director $1,035 - $ - Jason Keyes Senior Director $ $ 1, Kevin McCarty Manager $ $ 4, Helen Zhang Associate $ $ 2, John Katsigeorgis Associate $440 - $ - Alissia Bell Junior Associate $ $ Jarett Bienenstock Analyst $305 - $ - Elizabeth Kardos Counsel $565 - $ - Laurie Verry Paraprofessional $285 - $ - Paul Fabsik Paraprofessional $245 - $ $ 9,

16 Pg 16 of 36 ZOLFO COOPER LLC TOISA LIMITED FOR THE PERIOD FROM OCTOBER 1, 2017 TO OCTOBER 31, 2017 Exhibit B MATTER CODE 11 - Plan, Disclosure Statement, Solicitation HOURLY OCTOBER PROFESSIONAL TITLE RATE HOURS FEES Jonathan Mitchell Senior Managing Director $1, $ 39, Jason Keyes Senior Director $ $ 48, Kevin McCarty Manager $ $ 23, Helen Zhang Associate $ $ John Katsigeorgis Associate $440 - $ - Alissia Bell Junior Associate $ $ 12, Jarett Bienenstock Analyst $305 - $ - Elizabeth Kardos Counsel $565 - $ - Laurie Verry Paraprofessional $285 - $ - Paul Fabsik Paraprofessional $245 - $ $ 124, MATTER CODE 15 - Executory Contracts, Unexpired Leases, and Real Estate HOURLY OCTOBER PROFESSIONAL Title RATE HOURS FEES Jonathan Mitchell Senior Managing Director $1,035 - $ - Jason Keyes Senior Director $810 - $ - Kevin McCarty Manager $ $ Helen Zhang Associate $440 - $ - John Katsigeorgis Associate $440 - $ - Jarett Bienenstock Analyst $305 - $ - Elizabeth Kardos Counsel $565 - $ - Laurie Verry Paraprofessional $285 - $ $

17 Pg 17 of 36 ZOLFO COOPER LLC TOISA LIMITED FOR THE PERIOD FROM OCTOBER 1, 2017 TO OCTOBER 31, 2017 Exhibit B MATTER CODE 17 - Special Projects HOURLY OCTOBER PROFESSIONAL Title RATE HOURS FEES Jonathan Mitchell Senior Managing Director $1,035 - $ - Jason Keyes Senior Director $810 - $ - Kevin McCarty Manager $495 - $ - Helen Zhang Associate $440 - $ - John Katsigeorgis Associate $440 - $ - Jarett Bienenstock Analyst $305 - $ - Elizabeth Kardos Counsel $ $ Laurie Verry Paraprofessional $ $ 1, $ 2, MATTER CODE 18 - ZC Retention, Fee Applications, and Engagement Administration HOURLY OCTOBER PROFESSIONAL Title RATE HOURS FEES Jonathan Mitchell Senior Managing Director $1,035 - $ - Jason Keyes Senior Director $ $ 15, Kevin McCarty Manager $ $ 1, Helen Zhang Associate $ $ 7, John Katsigeorgis Associate $ $ 1, Jarett Bienenstock Analyst $305 - $ - Elizabeth Kardos Counsel $565 - $ - Laurie Verry Paraprofessional $285 - $ - Paul Fabsik Paraprofessional $ $ 12, $ 38,

18 Pg 18 of 36 ZOLFO COOPER LLC TOISA LIMITED FOR THE PERIOD FROM OCTOBER 1, 2017 TO OCTOBER 31, 2017 Exhibit B MATTER CODE 20 - Travel HOURLY OCTOBER PROFESSIONAL Title RATE HOURS FEES (1) Jonathan Mitchell Senior Managing Director $1, $ 7, Jason Keyes Senior Director $ $ 15, Kevin McCarty Manager $ $ 10, Helen Zhang Associate $ $ 11, John Katsigeorgis Associate $ $ 7, Alissia Bell Junior Associate $ $ 1, Jarett Bienenstock Analyst $305 - $ - Elizabeth Kardos Counsel $565 - $ - Laurie Verry Paraprofessional $285 - $ $ 54, (1) Travel time rates are reduced by 50% 7

19 Pg 19 of 36 Exhibit C Professional ZOLFO COOPER, LLC FOR THE PERIOD FROM OCTOBER 1, 2017 THROUGH OCTOBER 31, 2017 DATE MATTER CODE DESCRIPTION HOURS INCURRED Jason Keyes 10/2/17 1 Call with Legal Team on case issues (J. Mitchell) 1.1 Jason Keyes 10/2/17 1 Catch Up Call (J. Mitchell) 0.3 Jonathan Mitchell 10/2/17 1 Call w/togut, management and other advisors re Motion to Compel 1.1 Jonathan Mitchell 10/2/17 1 Call w/s. Ratner & B. Moore re Motion to Compel 0.3 Jason Keyes 10/3/17 1 Advisor update call (J. Keyes, K. McCarty, J. Katsigeorgis, H. Zhang) 1.0 Jason Keyes 10/3/17 1 Update call (J. Mitchell) 0.2 Jason Keyes 10/3/17 1 Update call with PJT 0.6 Jason Keyes 10/3/17 1 Update call with B. Moore (K. McCarty) 0.6 Jonathan Mitchell 10/3/17 1 Participated in a call w/toisa advisors re case management 1.0 Jonathan Mitchell 10/3/17 1 Call w/j. Keyes re follow up actions 0.2 Kevin McCarty 10/3/17 1 Review agenda items for advisor call 0.1 Kevin McCarty 10/3/17 1 Company advisor update call (J. Mitchell, J. Keyes, J. Katsigeorgis, H. Zhang) 1.0 Jonathan Mitchell 10/4/17 1 Attended to various case management related s 0.7 Jonathan Mitchell 10/5/17 1 Call w/zc team re the Business plan 0.6 Jason Keyes 10/9/17 1 Call with PJT Team 0.5 Jason Keyes 10/10/17 1 s with team re: case status 0.3 Jonathan Mitchell 10/10/17 1 Attended to various case management related s 0.4 Jason Keyes 10/11/17 1 Update call (K. McCarty) 0.3 Kevin McCarty 10/11/17 1 Update call with J. Keyes 0.3 Jason Keyes 10/12/17 1 Catchup call (J. Mitchell) 0.3 Jason Keyes 10/12/17 1 Catchup call (K. McCarty) 0.4 Jason Keyes 10/12/17 1 Catch up call with K. Thomas (K. McCarty) 0.3 Jason Keyes 10/12/17 1 s with team and external advisors re: case status 0.4 Jason Keyes 10/12/17 1 Call re: potential settlements (J. Mitchell) 0.5 Jonathan Mitchell 10/12/17 1 Call w/j. Keyes re case management 0.3 Jonathan Mitchell 10/12/17 1 Attended to various case management related s 0.4 Jonathan Mitchell 10/12/17 1 Call w/togut re Bridge Order 0.7 Kevin McCarty 10/12/17 1 Review bridge order 0.6 Kevin McCarty 10/12/17 1 Correspondence with B. Moore re: bridge order language related to operating 0.2 Kevin McCarty 10/12/17 1 Review bridge order 0.1 Jason Keyes 10/13/17 1 Prepare for conference call 0.6 Jason Keyes 10/13/17 1 Catch up call with K. McCarty re: case status 0.2 Kevin McCarty 10/13/17 1 Review revised bridge order 0.4 Kevin McCarty 10/13/17 1 Correspondence with B. Moore re: Sealion cash flow forecast and bridge order 0.5 Jonathan Mitchell 10/16/17 1 Attended to various case management related s 0.2 Kevin McCarty 10/16/17 1 Review bridge order redline 0.5 Jason Keyes 10/17/17 1 Meeting with Mr. Callimanopulos, B&M management and Advisors (J. Mitchell) 2.2 Jason Keyes 10/17/17 1 Call with TSS re: case status (J. Mitchell) 0.1 Jason Keyes 10/17/17 1 Call with PJT Team re: case status 0.3 Jason Keyes 10/17/17 1 Call with BB re: case status (J. Mitchell) 0.2 Jason Keyes 10/18/17 1 Catch Up call (K. McCarty) 0.4 Jason Keyes 10/19/17 1 s with B&M re: case status 0.4 Jason Keyes 10/19/17 1 Call with GK at MMS re: case status 0.5 Jason Keyes 10/22/17 1 s with TSS re: case status 0.5 Jason Keyes 10/23/17 1 Call with PJT Team re: case status 0.3 Jonathan Mitchell 10/23/17 1 Attended to various case management related s 0.4 Jason Keyes 10/24/17 1 UCC update call 0.4 Jason Keyes 10/24/17 1 Meeting with J. Peck and debtor advisors 2.0 Jonathan Mitchell 10/25/17 1 Attended to case management 0.3 Jonathan Mitchell 10/26/17 1 Attended to various case management related s 0.3 Jason Keyes 10/27/17 1 Call with TSS and Debtor advisors re: case status 1.0 Jonathan Mitchell 10/27/17 1 Attended to various case management related s 0.4 Jonathan Mitchell 10/28/17 1 Attended to various case management related s 0.5 Jason Keyes 10/29/17 1 Call with Togut, PJT re: case status 0.7 Helen Zhang 10/30/17 1 Review proposed mediation plan 1.4 Jason Keyes 10/30/17 1 Prepare for call with Mr. Callimanopulos 1.5 Jonathan Mitchell 10/30/17 1 Attended to various case management related s 0.9 Jason Keyes 10/31/17 1 Call with Judge Peck (J. Mitchell) 0.7 Jason Keyes 10/31/17 1 Call with management re: Lender questions 1.0 Chapter 11 Process 33.6 Helen Zhang 10/2/17 3 Request and summarize DNB vessels estimated voyage amounts and timing 2.5 Helen Zhang 10/2/17 3 Follow up discussion with K. Thomas on offshore budget questions 0.5 Helen Zhang 10/2/17 3 Review September budget questions from lenders 2.0 Helen Zhang 10/2/17 3 Prepare responses for budget questions 2.5 Page 1 of 14

20 Pg 20 of 36 Exhibit C Professional ZOLFO COOPER, LLC FOR THE PERIOD FROM OCTOBER 1, 2017 THROUGH OCTOBER 31, 2017 DATE MATTER CODE DESCRIPTION HOURS INCURRED Jason Keyes 10/2/17 3 Review September budget questions 1.1 Jason Keyes 10/2/17 3 Review Sealion funding needs and forecasts 1.2 John Katsigeorgis 10/2/17 3 Prepare voyage cost projections for budgets 3.6 John Katsigeorgis 10/2/17 3 Prepare voyage revenue projections for budgets 3.7 Kevin McCarty 10/2/17 3 Update summary of Sealion cash flow forecast for bridge order 3.1 Kevin McCarty 10/2/17 3 Review s re: Sealion liquidity forecast 0.3 Kevin McCarty 10/2/17 3 correspondence with Sealion management re: cash balances 0.1 Kevin McCarty 10/2/17 3 Prepare schedule of forecasted receipts for DNB vessels per request and review detail 1.0 provided by accounting Helen Zhang 10/3/17 3 Request insurance report for last quarter 2017 from management and update budget 2.0 Helen Zhang 10/3/17 3 Request vetting and safety reports 0.8 Helen Zhang 10/3/17 3 Request bunker schedule from management 0.5 Helen Zhang 10/3/17 3 Review offshore vessel budgets 3.2 Helen Zhang 10/3/17 3 Update and compile offshore budgets 2.0 Jason Keyes 10/3/17 3 Review items related to Journey and Seas 1.0 Jason Keyes 10/3/17 3 Review budgets and budget diligence items 1.6 Jason Keyes 10/3/17 3 Discussion with MMS/MMBS Management 1.0 Jason Keyes 10/3/17 3 Discussion with MMS/MMBS Management 0.6 John Katsigeorgis 10/3/17 3 Compile intercompany vessel journal entries 2.5 John Katsigeorgis 10/3/17 3 Begin to prepare oceangoing variance reporting 2.7 John Katsigeorgis 10/3/17 3 Review voyage revenue in oceangoing variance reporting 2.3 John Katsigeorgis 10/3/17 3 Review disbursments in oceangoing variance reporting 3.1 Kevin McCarty 10/3/17 3 Update Sealion liquidity forecast; update summary of Sealion cash flow forecast for 0.8 bridge order Kevin McCarty 10/3/17 3 Review and revise summary of Sealion cash flow forecast 0.8 Kevin McCarty 10/3/17 3 Discussion with K. Thomas re: Sealion cash flow forecast 0.1 Kevin McCarty 10/3/17 3 Prepare questions for Togut re: Sealion cash flow forecast summary and bridge order 0.5 Kevin McCarty 10/3/17 3 Call with B. Moore re: Sealion liquidity 0.6 Kevin McCarty 10/3/17 3 Finalize draft Sealion liquidity summary and cash flow forecast; distribute for review 2.0 Helen Zhang 10/4/17 3 Start updating ocean going tanker October budget 3.5 Helen Zhang 10/4/17 3 Update ocean going bulker October budget 2.3 Helen Zhang 10/4/17 3 Summarize aged AP by opex category 2.1 Helen Zhang 10/4/17 3 Discussion re: Sealion liquidity and oceangoing budgeting (J. Keyes, K. McCarty) 0.2 Helen Zhang 10/4/17 3 Build reimbursement schedule per vessel 2.7 Jason Keyes 10/4/17 3 Meeting with MMS management re: dry-docking 0.5 Jason Keyes 10/4/17 3 Discussion re: Sealion liquidity and oceangoing budgeting (H. Zhang, K. McCarty) 0.2 John Katsigeorgis 10/4/17 3 Prepare offshore variance reporting 2.3 John Katsigeorgis 10/4/17 3 Review oceangoing disbursements 1.9 John Katsigeorgis 10/4/17 3 Reconcile oceangoing disbursements 2.8 John Katsigeorgis 10/4/17 3 Review oceangoing receipts 1.0 John Katsigeorgis 10/4/17 3 Reconcile oceangoing receipts 2.8 Kevin McCarty 10/4/17 3 Read s re: Sealion cash flow forecast and revise Sealion cash flow forecast 0.8 Kevin McCarty 10/4/17 3 Discussion re: Sealion liquidity and oceangoing budgeting (J. Keyes, H. Zhang) 0.2 Kevin McCarty 10/4/17 3 Correspondence with B. Moore re: Sealion liquidity 0.3 Helen Zhang 10/5/17 3 Review Oceangoing Grace receipts and bunker budget 0.7 Helen Zhang 10/5/17 3 Review offshore business plan opex and layup assumptions 1.9 Helen Zhang 10/5/17 3 Review offshore business plan utilization rate assumptions 0.7 John Katsigeorgis 10/5/17 3 Prepare variance reporting commentary 1.4 John Katsigeorgis 10/5/17 3 Reconcile bulker receipts and disbursements 3.0 John Katsigeorgis 10/6/17 3 Review variance reporting with management 2.9 John Katsigeorgis 10/7/17 3 Review offshore variance reporting 3.0 John Katsigeorgis 10/8/17 3 Review intercompay oceangoing tagging 3.5 Helen Zhang 10/9/17 3 October cash collateral reporting - Prepare oceangoing tanker budget forecasting model 2.0 Helen Zhang 10/9/17 3 October cash collateral reporting - Prepare bulker budget forecasting model 1.9 Helen Zhang 10/9/17 3 Review opex and trade assumptions 1.5 Helen Zhang 10/9/17 3 Discuss with Management (G. Kakoulidis) on crew expense forecasting method 0.8 Helen Zhang 10/9/17 3 Review and adjust crew expense budgeting 2.8 John Katsigeorgis 10/9/17 3 Prepare full draft of offshore variance reports 2.0 John Katsigeorgis 10/9/17 3 Prepare full draft of oceangoing variance reports 3.8 Kevin McCarty 10/9/17 3 Review Sealion funding needs through year-end Helen Zhang 10/10/17 3 Prepare October cash collateral reporting presentation package 2.0 Helen Zhang 10/10/17 3 Review UA, UB, UC drydocking schedule and expenses 3.2 Helen Zhang 10/10/17 3 Review short term AP aging and daily opex rate with regard to lubes and travel 3.1 Helen Zhang 10/10/17 3 Review with management (G. Kakoulidis) vessel cash budgets 2.5 Helen Zhang 10/10/17 3 Finalize cash collateral reports and distribute to related parties 0.8 Page 2 of 14

21 Pg 21 of 36 Exhibit C Professional ZOLFO COOPER, LLC FOR THE PERIOD FROM OCTOBER 1, 2017 THROUGH OCTOBER 31, 2017 DATE MATTER CODE DESCRIPTION HOURS INCURRED Jason Keyes 10/10/17 3 Review cash collateral variance reports 1.0 John Katsigeorgis 10/10/17 3 Review oceangoing variance reports with management 2.6 John Katsigeorgis 10/10/17 3 Review variance reports 2.2 John Katsigeorgis 10/10/17 3 Prepare final variance reports and distribute 2.4 Kevin McCarty 10/10/17 3 Review variance reporting 0.5 Kevin McCarty 10/10/17 3 Review monthly cash collateral reporting 1.3 Kevin McCarty 10/10/17 3 Review Sealion cash flow forecast and funding analysis schedule for bridge order 1.4 Helen Zhang 10/11/17 3 Construct oceangoing vessel liquidity forecast 2.5 Helen Zhang 10/11/17 3 Build liquidity forecast by silo model 2.0 Helen Zhang 10/11/17 3 Prepare group liquidity snapshot 2.2 Jason Keyes 10/11/17 3 Review Sealion liquidity forecast 1.4 John Katsigeorgis 10/11/17 3 Cash balance roll-forward 0.9 John Katsigeorgis 10/11/17 3 Discussion re: cash flow forecast (K. McCarty) 0.7 Kevin McCarty 10/11/17 3 Discussion re: cash flow forecast (J. Katsigeorgis) 0.7 Kevin McCarty 10/11/17 3 Review group liquidity forecast 0.7 Kevin McCarty 10/11/17 3 Call with K. Thomas re: Sealion cash flow forecast and funding needs 0.1 Kevin McCarty 10/11/17 3 Correspondence with B. Moore re: Sealion liquidity and corresponding bridge order 0.3 Kevin McCarty 10/11/17 3 Revise Sealion cash flow forecast schedules for bridge order 0.2 Kevin McCarty 10/11/17 3 Correspondence with B. Moore re: Sealion cash flow forecast detailed schedule 0.2 Kevin McCarty 10/11/17 3 Update Sealion cash flow forecast detailed schedule 0.1 Kevin McCarty 10/11/17 3 Prepare summary of forecasted cash flows through year-end Kevin McCarty 10/11/17 3 Discussion with B. Moore re: cash flow forecast through year-end Kevin McCarty 10/11/17 3 Prepare summary of forecasted year-end 2017 cash 2.9 Kevin McCarty 10/11/17 3 correspondence with B. Moore re: Sealion cash flow forecast questions from 0.1 Helen Zhang 10/12/17 3 Review professional fee tracking model and professional fee apps in docket 1.0 Helen Zhang 10/12/17 3 Revise Citi tanker budgets per Norton Rose request 2.1 Helen Zhang 10/12/17 3 Provide excel backup for AMA 1.2 Jason Keyes 10/12/17 3 Review and discuss 12/31/2017 cash forecast 0.6 John Katsigeorgis 10/12/17 3 Prepare fleet update reporting 1.2 John Katsigeorgis 10/12/17 3 Meeting with management on ledger tagging 1.4 John Katsigeorgis 10/12/17 3 Meeting with management on drydock schedule 0.9 John Katsigeorgis 10/12/17 3 Update forecasted receipts and disbursements in cash flow forecast model 3.1 John Katsigeorgis 10/12/17 3 Update voyage projections 2.4 Kevin McCarty 10/12/17 3 correspondence with K. Thomas re: Sealion cash flow forecast 0.1 Kevin McCarty 10/12/17 3 Call with K. Thomas re: Sealion cash flow forecast and funding needs (J. Keyes) 0.3 Kevin McCarty 10/12/17 3 Call with K. Thomas re: Sealion cash flow forecast 0.4 Kevin McCarty 10/12/17 3 Call with B. Moore re: Sealion cash flow forecast and cash flow reconciliation 0.7 Kevin McCarty 10/12/17 3 Review interim compensation order and professional fee tracker 0.8 Helen Zhang 10/13/17 3 Review professional fee tracking model 2.0 John Katsigeorgis 10/13/17 3 Prepare reimbursement analysis 3.6 John Katsigeorgis 10/13/17 3 Review oceangoing receipts 2.6 Kevin McCarty 10/13/17 3 Incorporate K. Thomas comments into Sealion liquidity forecast 1.0 Kevin McCarty 10/13/17 3 Update Sealion cash flow forecast 0.3 Kevin McCarty 10/13/17 3 Call with K. Thomas re: Sealion cash flow forecast 0.1 Kevin McCarty 10/13/17 3 Finalize Sealion cash flow forecast and distribute to Togut 0.6 Kevin McCarty 10/13/17 3 Revise Sealion cash flow forecast schedule for bridge order; correspondence with B. 0.4 Kevin McCarty 10/13/17 3 Reconcile previously provided version of Sealion cash flow forecast with revised 1.3 Kevin McCarty 10/13/17 3 Call with AMA re: Sealion cash flow forecast 0.8 Kevin McCarty 10/13/17 3 Call with B. Moore re: Sealion cash flow forecast schedule and bridge order 0.4 Jonathan Mitchell 10/16/17 3 Reviewed revised Sealion Cash Flow forecast 0.7 Kevin McCarty 10/16/17 3 Update Sealion cash flow forecast and correspondence with B. Moore and K. Thomas 2.8 re: same Kevin McCarty 10/16/17 3 Call with G. Kaukolidis re: Toisa Ltd wire to Sealion 0.1 Kevin McCarty 10/16/17 3 Update professional fee tracker and outline liquidity management process 0.9 Kevin McCarty 10/16/17 3 Review monthly budget figures for Sealion Amazonia provided by K. Thomas and 1.0 begin to prepare cash flow forecast schedule re: same Helen Zhang 10/17/17 3 Catch-up call re: liquidity management (K. McCarty) 0.2 Helen Zhang 10/17/17 3 Review September invoice and fee application entries 2.1 Helen Zhang 10/17/17 3 Review liquidity forecast and ending cash balance 3.6 John Katsigeorgis 10/17/17 3 Review fleet operations report 0.8 Jonathan Mitchell 10/17/17 3 Reviewed October cash collateral reports 1.3 Kevin McCarty 10/17/17 3 Call with G. Kaukolidis and K. Thomas re: Toisa Ltd wire to Sealion per bridge order 0.2 Kevin McCarty 10/17/17 3 Correspondence with B. Moore and K. Thomas re: same 0.1 Kevin McCarty 10/17/17 3 Review intercompany entries and bank transaction provided by A. Varvaros 0.5 Kevin McCarty 10/17/17 3 Review group liquidity forecast 0.7 Page 3 of 14

22 Pg 22 of 36 Exhibit C Professional ZOLFO COOPER, LLC FOR THE PERIOD FROM OCTOBER 1, 2017 THROUGH OCTOBER 31, 2017 DATE MATTER CODE DESCRIPTION HOURS INCURRED Kevin McCarty 10/17/17 3 Catch-up call re: liquidity management (H. Zhang) 0.2 Helen Zhang 10/18/17 3 Catch-up call re: professional fee tracker and forecast (K. McCarty) 0.4 Kevin McCarty 10/18/17 3 Review group liquidity forecast 1.5 Kevin McCarty 10/18/17 3 Catch-up call with H. Zhang re: professional fee tracker and forecast 0.4 Kevin McCarty 10/18/17 3 Correspondence with H. Zhang re: professional fee tracker 0.1 Kevin McCarty 10/18/17 3 Review professional fee tracker and update for 13-week cash flow forecasts 0.2 Jason Keyes 10/19/17 3 Catch up call re: Sealion budgets (J. Katsigeorgis, K. McCarty) 0.2 Jason Keyes 10/19/17 3 Review group liquidity forecast 0.8 Kevin McCarty 10/19/17 3 Continue to prepare SBN/Sealion Amazonia cash flow forecast 2.3 Kevin McCarty 10/19/17 3 Call re: Sealion budgets (J. Keyes, J. Katsigeorgis) 0.2 Kevin McCarty 10/19/17 3 Review SBN historical balance sheets and changes in cash; prepare summary of same 0.8 Kevin McCarty 10/20/17 3 Review fee applications filed on docket 0.9 Kevin McCarty 10/20/17 3 Revise professional fee tracker and review creditor fee invoices 1.9 Kevin McCarty 10/20/17 3 Discussions with A. Varvaros and G. Kaukolidis re: various liquidity questions 1.0 John Katsigeorgis 10/23/17 3 Compile oceangoing vessel bank ledgers for oceangoing cash reconciliation roll- 1.2 Kevin McCarty 10/24/17 3 Review Credit Agricole comments re: variance reporting and reimbursement amount 0.4 Kevin McCarty 10/24/17 3 Correspondence with B. Moore re: Credit Agricole reimbursement request issues 0.3 John Katsigeorgis 10/25/17 3 Review and update oceangoing budgets 3.0 John Katsigeorgis 10/25/17 3 Review intercompany oceangoing journal entries with management 1.8 John Katsigeorgis 10/25/17 3 Review time charter projectionsvoyage projection analysis - time charters 2.7 John Katsigeorgis 10/26/17 3 Discussions with management re preparation for next reporting period 0.8 John Katsigeorgis 10/26/17 3 Prepare variance reporting receipt reconciliation 3.2 John Katsigeorgis 10/26/17 3 Update variance reporting files 3.9 Kevin McCarty 10/26/17 3 Review forecasted year-end 2017 cash balances by entity 1.6 Kevin McCarty 10/26/17 3 Review professional fee tracker and suggest changes 1.3 Helen Zhang 10/27/17 3 Review vessel daily opex and identify discrepancies 1.8 Helen Zhang 10/27/17 3 Revise actual Opex schedule post petition from Feb - September 2.8 John Katsigeorgis 10/27/17 3 Translate greek document for cash reconciliation roll-forward 0.6 John Katsigeorgis 10/27/17 3 Update oceangoing budgets in oceangoing variance report file 2.1 John Katsigeorgis 10/27/17 3 Update offshore budgets in offshore variance report file 1.7 Kevin McCarty 10/27/17 3 Review historical bank balances file 0.5 Kevin McCarty 10/27/17 3 Review group liquidity forecast 0.7 Helen Zhang 10/30/17 3 Due Diligence request - finalize diligence request regarding professional fee runrate 2.8 and forecast Helen Zhang 10/30/17 3 Start drafting November cash collateral reporting materials 2.6 John Katsigeorgis 10/30/17 3 Compile oceangoing intercompany journal entries and vessel bank ledgers for variance 2.0 John Katsigeorgis 10/30/17 3 Compile bulker intercompany journal entries for period 10/2-10/ Helen Zhang 10/31/17 3 Draft lender recovery calculation and bar chart 2.4 Helen Zhang 10/31/17 3 Prepare November budgeting file template for Oceangoing vessels 3.6 Helen Zhang 10/31/17 3 Preparing offshore cash reconciliation file for post 6/ Helen Zhang 10/31/17 3 Review and understand discrepancies between consolidated cash activity and reported 3.2 actuals Helen Zhang 10/31/17 3 Discussion re: offshore variance reporting & cash collateral reporting (J. Katsigeorgis) 0.4 John Katsigeorgis 10/31/17 3 Compile oceangoing intercompany journal entries for period 10/15-10/ John Katsigeorgis 10/31/17 3 Compile tanker intercompany journal entries for period 10/2-10/ John Katsigeorgis 10/31/17 3 Update voyage projections for budgets 2.2 John Katsigeorgis 10/31/17 3 Discussion re: offshore variance reporting & cash collateral reporting (H. Zhang, J. 0.4 Kevin McCarty 10/31/17 3 Review SBN cash flow forecast provided by K. Thomas and compare to draft cash flow 1.3 forecast prepared by ZC Kevin McCarty 10/31/17 3 Review and update professional fee tracker 1.5 Kevin McCarty 10/31/17 3 Discussion with A. Varvaros re: professional fee invoices 0.7 Kevin McCarty 10/31/17 3 Discussion with K. Thomas re: SBN/Sealion Amazonia cash flow forecast 0.2 Kevin McCarty 10/31/17 3 Review offshore variance reporting 1.5 Cash Management Jason Keyes 10/2/17 4 Draft comments to AMA responses and questions 0.9 Helen Zhang 10/3/17 4 UCC update call (TOISA team) 0.7 Helen Zhang 10/3/17 4 Advisor update call (J. Mitchell, J. Keyes, K. McCarty, J. Katsigeorgis) 1.0 Jason Keyes 10/3/17 4 Review and provide comments to reimbursement request items 1.4 Jason Keyes 10/3/17 4 UCC update call (TOISA team) 0.7 John Katsigeorgis 10/3/17 4 UCC update call (TOISA team) 0.7 Jonathan Mitchell 10/3/17 4 Participated in weekly UCC Call 0.7 Kevin McCarty 10/3/17 4 UCC recurring catch-up call 0.2 Kevin McCarty 10/3/17 4 Begin to prepare responses to AMA due diligence requests 0.3 Page 4 of 14

23 Pg 23 of 36 Exhibit C ZOLFO COOPER, LLC FOR THE PERIOD FROM OCTOBER 1, 2017 THROUGH OCTOBER 31, 2017 Professional DATE MATTER CODE DESCRIPTION HOURS INCURRED Kevin McCarty 10/3/17 4 Review specific AMA due diligence requests and continue preparation of responses to 1.1 such Kevin McCarty 10/3/17 4 Continue preparation of responses to AMA due diligence request list 0.4 Kevin McCarty 10/3/17 4 Finalize draft response to AMA due diligence request 0.5 Helen Zhang 10/4/17 4 Discuss Budgeting w/ AMA (J. Keyes, K. McCarty) 0.4 Jason Keyes 10/4/17 4 Discuss Budgeting w/ AMA (K. McCarty, H. Zhang) 0.3 John Katsigeorgis 10/4/17 4 Budget Questions Review 1.0 Kevin McCarty 10/4/17 4 Discuss budgeting with AMA (J. Keyes, H. Zhang) 0.4 Jason Keyes 10/5/17 4 Discussion with Commerzbank re: case status 0.6 John Katsigeorgis 10/5/17 4 Call with Commerzbank re: case status 0.5 Jonathan Mitchell 10/5/17 4 Call w/j. Dorans Citi re Plan 0.3 Jonathan Mitchell 10/5/17 4 Call w/p. Bauman Citi re Plan 0.4 Jonathan Mitchell 10/5/17 4 Responded to s re mediation and Plan 0.8 John Katsigeorgis 10/6/17 4 Variance Reporting: Presentation prep 4.3 Jason Keyes 10/9/17 4 Call with Citi re: case status 0.5 Jonathan Mitchell 10/9/17 4 Call w/citi re Plan 0.5 Jason Keyes 10/10/17 4 Review due diligence questions and draft responses 1.2 John Katsigeorgis 10/10/17 4 UCC Catch Up Call 0.5 Jonathan Mitchell 10/10/17 4 Participated in weekly UCC Call (partial) 0.2 Kevin McCarty 10/10/17 4 UCC recurring catch-up call (J. Mitchell) 0.2 Kevin McCarty 10/10/17 4 Finalize and distribute list of due diligence questions to Sealion management 0.8 Kevin McCarty 10/10/17 4 Update AMA due diligence tracker 0.3 Kevin McCarty 10/10/17 4 Finalize and distribute list of due diligence questions, response and files to AMA 1.1 Jason Keyes 10/12/17 4 Call with CWT, AMA, ZC re: case status 0.4 Jason Keyes 10/12/17 4 Call with AMA, CA (K. McCarty) 0.5 Jason Keyes 10/12/17 4 Call with K. Thomas (K. McCarty) 0.4 Kevin McCarty 10/12/17 4 Call with AMA, Cadwalader, Togut and ZC re: bridge order 0.5 Kevin McCarty 10/12/17 4 Call with AMA and Credit Agricole re: Sealion funding needs 0.5 Kevin McCarty 10/12/17 4 Review AMA due diligence tracker 0.3 Jason Keyes 10/13/17 4 s with Credit Ag, and Company 0.5 Jason Keyes 10/13/17 4 Review due diligence tracker 1.4 Jason Keyes 10/13/17 4 Call with AMA re: Due Diligence 0.7 Jason Keyes 10/13/17 4 Call with AMA re: case status (K. McCarty) 0.8 Kevin McCarty 10/13/17 4 Call with AMA and ZC to discuss due diligence tracker items 0.7 Kevin McCarty 10/13/17 4 Review August MOR and variance reports; prepare response to AMA re: Sealion cash 0.3 Kevin McCarty 10/13/17 4 Review cash reconciliation analysis and summary of debt service payments 0.8 Kevin McCarty 10/13/17 4 Correspondence with B. Moore re: post petition principal payment 0.2 Kevin McCarty 10/13/17 4 Correspondence with AMA re: Sealion cash flow forecast. 0.4 Kevin McCarty 10/13/17 4 Prepare reconciliation of change in reimbursement amount re: Sealion cash flow 0.4 Kevin McCarty 10/13/17 4 Review of Sealion cash flow forecast 0.4 Kevin McCarty 10/14/17 4 correspondence with J. Keyes re: creditor question 0.1 Kevin McCarty 10/16/17 4 Correspondence with C. Moncur re: AMA due diligence questions 0.2 Kevin McCarty 10/17/17 4 Review and update AMA due diligence tracker 0.2 Kevin McCarty 10/17/17 4 Correspondence with PJT re: due diligence items 0.2 Kevin McCarty 10/17/17 4 Discuss AMA due diligence requests with G. Kaukilidas and review of variance reports 1.4 for UA, UB, UC Kevin McCarty 10/17/17 4 Discuss AMA due diligence requests with MMS accounting team 0.6 Kevin McCarty 10/17/17 4 Review professional fee tracker output for AMA due diligence question 0.3 Jason Keyes 10/18/17 4 Review AMA diligence items 0.3 Jason Keyes 10/18/17 4 Review diligence request list 0.6 Jason Keyes 10/18/17 4 Review due diligence tracker and draft responses 0.9 Kevin McCarty 10/18/17 4 Review historic oceangoing voyage data 0.6 Kevin McCarty 10/18/17 4 Review communication and supporting material re: principal payment to Citizens 0.8 offshore facility Kevin McCarty 10/18/17 4 Discussion with K. Thomas re: post-petition principal payment to Citizens offshore 0.1 facility Kevin McCarty 10/18/17 4 Review Sealion responses to AMA due diligence questions and corresponding 1.5 supporting material Kevin McCarty 10/18/17 4 Update AMA due diligence tracker 0.9 Kevin McCarty 10/18/17 4 Review summary of 2016 TCE rates by vessel class with G. Kaukalidis 0.5 Kevin McCarty 10/18/17 4 Update AMA due diligence tracker 0.7 Kevin McCarty 10/18/17 4 Review professional fee tracker 0.3 Kevin McCarty 10/18/17 4 Review AMA due diligence tracker 0.3 Kevin McCarty 10/18/17 4 Correspondence with PJT AMA due diligence tracker 0.2 Kevin McCarty 10/18/17 4 Distribute updated due diligence tracker 0.3 Page 5 of 14

24 Pg 24 of 36 Exhibit C Professional ZOLFO COOPER, LLC FOR THE PERIOD FROM OCTOBER 1, 2017 THROUGH OCTOBER 31, 2017 DATE MATTER CODE DESCRIPTION HOURS INCURRED Jason Keyes 10/19/17 4 Call with AMA re: case status 0.4 Jason Keyes 10/19/17 4 Working lunch with Credit Agricole 2.3 John Katsigeorgis 10/19/17 4 Make revisions for cash collateral report 2.0 Jonathan Mitchell 10/19/17 4 Call w/g. Petrick re new build inspections and plan mediation 0.6 Jonathan Mitchell 10/19/17 4 Lunch meeting w/r. Spitzer, K. Sweeney Credit Agricole re plan discussions 2.3 Kevin McCarty 10/19/17 4 Review Credit Agricole comments re: variance reporting 0.4 Kevin McCarty 10/19/17 4 Review variance reporting for v-class vessels 0.5 Kevin McCarty 10/19/17 4 Review SBN cost allocation provided by Sealion management and cash reconciliation 1.8 analysis Kevin McCarty 10/19/17 4 Follow-up discussion with accounting team in Greece re: identifying SPS-specific costs 0.4 for UA, UB, UC to address AMA due diligence question Kevin McCarty 10/19/17 4 Call with K. Thomas re: SBN cost allocations and questions from Credit Agricole re: 0.4 variance reporting Kevin McCarty 10/19/17 4 Reconcile SBN fees shown in SBN cost allocation summary and cash reconciliation 0.5 analysis Jason Keyes 10/23/17 4 Call with Credit Ag re: case status 0.1 Jason Keyes 10/23/17 4 Second call with Credit Ag re: cash collateral reporting (K. McCarty) 0.3 John Katsigeorgis 10/23/17 4 Template creation and updating for variance presentation 2.0 Kevin McCarty 10/23/17 4 Call with Credit Agricole re: cash collateral reporting 0.3 Jason Keyes 10/24/17 4 Meeting with AMA and J. Peck 2.0 Jonathan Mitchell 10/24/17 4 Attended to various case management related s 0.3 Kevin McCarty 10/24/17 4 correspondence with A. Varvaros re: information request 0.1 Kevin McCarty 10/24/17 4 Update professional fee tracker 0.6 Kevin McCarty 10/24/17 4 Review TCE and opex analysis 0.1 Kevin McCarty 10/24/17 4 UCC recurring catch-up call 0.3 Kevin McCarty 10/24/17 4 Review historical tanker weekly opex analysis and compare same to post-petition opex 0.4 analysis included in cash reconciliation analysis report Jason Keyes 10/25/17 4 Call w/j. Mitchell re follow up to Judge Peck call 0.4 Jonathan Mitchell 10/25/17 4 Call w/j. Keyes re follow up to Judge Peck call 0.4 Kevin McCarty 10/25/17 4 Review trends in operating expenses for panamax vessels 1.9 Jason Keyes 10/26/17 4 Review and compose s with TOISA team 0.4 Jason Keyes 10/26/17 4 Meeting at Morrison Foerster with J. Peck and AMA 2.0 Jason Keyes 10/26/17 4 Review and compose s with TOISA team 0.5 Kevin McCarty 10/26/17 4 Review and revise TCE and opex analysis 0.9 John Katsigeorgis 10/27/17 4 Prepare benchmanrking analysis for Mediation presentation 3.5 Kevin McCarty 10/27/17 4 Offshore business plan review call with company advisors, Sealion management, AMA 1.0 and offshore lenders Kevin McCarty 10/27/17 4 Review SBN cash flow forecast; correspondence with K. Thomas re: same 0.5 Kevin McCarty 10/27/17 4 Call with P. Lynch (AMA) re: cash collateral proceeds included in alternative plan 0.2 analysis and outstanding due diligence items Jason Keyes 10/29/17 4 Call with Togut team re: case status 1.0 John Katsigeorgis 10/30/17 4 Research public comparables 1.4 John Katsigeorgis 10/30/17 4 Review public comparables 1.7 John Katsigeorgis 10/30/17 4 Mediation presentation preparation 2.0 Kevin McCarty 10/30/17 4 Discussion with A. Varvaros re: information requests 0.5 Kevin McCarty 10/30/17 4 Prepare supporting materials for cash figures included in alternative plan analysis 0.6 Jason Keyes 10/31/17 4 Draft summary s to TOISA management team 0.2 Jason Keyes 10/31/17 4 Draft notes for B&M team 0.9 Kevin McCarty 10/31/17 4 Discussion with A. Varvaros re: UA opex and review dry-docking deductions to UA 0.6 Kevin McCarty 10/31/17 4 Review and update TCE and opex analysis 0.6 Communication with Interested Parties 82.4 Kevin McCarty 10/2/17 6 Review offshore business plan alternative scenario 1.0 Jason Keyes 10/3/17 6 Call with Sealion team re: case status 0.4 Helen Zhang 10/4/17 6 Review reactivation alternatives examples (J. Keyes, J. Mitchell, J. Katsigeorgis) 0.5 Jason Keyes 10/4/17 6 Discussion with client re: case status 0.3 Jason Keyes 10/4/17 6 Review alternative case and business plan 1.4 Jason Keyes 10/4/17 6 Reconcile utilization, alternative and business plan 2.0 Jason Keyes 10/4/17 6 Review alternative for vessel silo 0.7 Jason Keyes 10/4/17 6 Review reactivation alternatives 0.8 Jason Keyes 10/4/17 6 Review reactivation alternatives 0.5 Jason Keyes 10/4/17 6 Review reactivation alternatives 0.2 Jason Keyes 10/4/17 6 Review reactivation alternatives 1.5 Jason Keyes 10/4/17 6 Review reactivation alternatives examples (J. Mitchell, H. Zhang, J. Katsigeorgis) 0.5 Jason Keyes 10/4/17 6 Review reactivation alternatives materials 0.7 Page 6 of 14

25 Pg 25 of 36 Exhibit C Professional ZOLFO COOPER, LLC FOR THE PERIOD FROM OCTOBER 1, 2017 THROUGH OCTOBER 31, 2017 DATE MATTER CODE DESCRIPTION HOURS INCURRED Jason Keyes 10/4/17 6 Discussion with PJT re: reactivation (J. Mitchell, J. Katsigeorgis K. McCarty) 0.6 Jason Keyes 10/4/17 6 Review analysis sent by PJT 0.7 John Katsigeorgis 10/4/17 6 Review reactivation alternatives examples (J. Keyes, J. Mitchell, H. Zhang) 0.5 John Katsigeorgis 10/4/17 6 Discussion with PJT re: reactivation (J. Keyes, J. Mitchell, K. McCarty) 0.6 Jonathan Mitchell 10/4/17 6 Call w/j. Keyes re vessel reactivation 0.5 Jonathan Mitchell 10/4/17 6 Discussion w/pjt re vessel reactivation 0.6 Kevin McCarty 10/4/17 6 Review alternative offshore reactivation plan analysis 0.2 Kevin McCarty 10/4/17 6 Review offshore business plan alternative scenario 1.2 Kevin McCarty 10/4/17 6 Review offshore reactivation alternative plan examples 0.5 Kevin McCarty 10/4/17 6 Discussion with PJT re: offshore reactivation plans (J. Keyes, J. Mitchell, J. 0.6 Katsigeorgis) Kevin McCarty 10/4/17 6 Review offshore reactivation alternative plan template 0.3 Kevin McCarty 10/4/17 6 Prepare reactivation analysis by silo 1.9 Helen Zhang 10/5/17 6 Build offshore cash flow forecast based on activation scenarios 2.4 Helen Zhang 10/5/17 6 Review offshore business plan model by vessel 1.9 Helen Zhang 10/5/17 6 Summarize offshore vessel cash flow scenario and decision making 1.1 Helen Zhang 10/5/17 6 Catch Up on Business plan (J. Mitchell, J. Keyes, J. Katsigeorgis, K. McCarty) 0.6 Jason Keyes 10/5/17 6 Review model prepared by team 1.2 Jason Keyes 10/5/17 6 Draft outline of analysis to be prepared by team 1.0 Jason Keyes 10/5/17 6 Review draft schedule of cash flows 0.8 Jason Keyes 10/5/17 6 Review reactivation schedule 1.2 Jason Keyes 10/5/17 6 Update work plan and team to do list 0.5 Jason Keyes 10/5/17 6 Review portfolio schedule 0.4 Jason Keyes 10/5/17 6 Discussion with Sealion management team 0.7 Jason Keyes 10/5/17 6 Review opex costs 1.0 Jason Keyes 10/5/17 6 Business Plan utilization / Catch up 0.8 Jason Keyes 10/5/17 6 Review business plan materials 0.5 Jason Keyes 10/5/17 6 Catch Up on Business plan (J. Mitchell, H. Zhang, J. Katsigeorgis, K. McCarty) 0.6 John Katsigeorgis 10/5/17 6 Review offshore business plan and prepare analysis of alternative reactivations 2.7 John Katsigeorgis 10/5/17 6 Review offshore business plan and prepare analysis of utilization 3.2 John Katsigeorgis 10/5/17 6 Catch Up on Business plan (J. Mitchell, J. Keyes, H. Zhang, K. McCarty) 0.6 Jonathan Mitchell 10/5/17 6 Meeting w/j. O'Connell PJT re Business plan 0.4 Kevin McCarty 10/5/17 6 Compile offshore business plan assumptions 1.5 Kevin McCarty 10/5/17 6 Prepare offshore reactivation sensitivity analysis 1.9 Kevin McCarty 10/5/17 6 Continue to prepare offshore reactivation analysis 2.0 Kevin McCarty 10/5/17 6 Call with Sealion management and PJT re: business plan 0.5 Kevin McCarty 10/5/17 6 Review offshore business plan and reactivation assumptions 0.8 Kevin McCarty 10/5/17 6 Catch up on business plan (J. Mitchell, J. Keyes, H. Zhang, J. Katsigeorgis) 0.6 Kevin McCarty 10/5/17 6 Update offshore reactivation analysis 4.8 Jason Keyes 10/6/17 6 Review business plan adjustments 1.1 Jason Keyes 10/6/17 6 Review Seasonality factors of business plan 1.4 Jason Keyes 10/6/17 6 Call with Sealion team 1.0 Jason Keyes 10/6/17 6 Call w/j. Mitchell re Offshore activation plan 0.3 Jason Keyes 10/6/17 6 Review Seasonality factors and layup assumptions 1.0 John Katsigeorgis 10/6/17 6 Diligence request review with advisors 0.5 Jonathan Mitchell 10/6/17 6 Call w/j. Keyes re Offshore activation plan 0.3 Kevin McCarty 10/6/17 6 Review vessel cash flows in offshore reactivation analysis 1.0 Kevin McCarty 10/6/17 6 Prepare summary of cash flows from offshore reactivation analysis 2.0 Kevin McCarty 10/6/17 6 Prepare summary comparison of assumptions in offshore reactivation analysis 2.0 Kevin McCarty 10/6/17 6 Review offshore business plan 1.0 Kevin McCarty 10/6/17 6 Compare offshore business plan to offshore reactivation analysis 2.0 Jonathan Mitchell 10/9/17 6 Call w/pjt re Business Plan 0.5 Kevin McCarty 10/9/17 6 Revise offshore alternative reactivation analysis and deck 1.6 Kevin McCarty 10/9/17 6 Call with PJT re: business plan (J. Mitchell, J. Keyes) 0.5 Jason Keyes 10/10/17 6 Review alternative case and business plan 0.5 John Katsigeorgis 10/10/17 6 Term sheet discussions with advisors 1.0 Kevin McCarty 10/10/17 6 Review offshore business plan; review alternative reactivation analysis 1.3 Kevin McCarty 10/10/17 6 to J. Katsigeorgis re: preparing summary of business plan assumptions 0.2 Jason Keyes 10/11/17 6 Update business plan adjustments 1.4 Jason Keyes 10/11/17 6 Review fleet planning file 0.7 Jason Keyes 10/11/17 6 Discussion with PJT and Sealion on alternative case and management case (J. Mitchell) 1.0 Jason Keyes 10/11/17 6 Update business plan scenario analysis 1.2 John Katsigeorgis 10/11/17 6 Analyze offshore plan TCE rates 3.6 John Katsigeorgis 10/11/17 6 Analyze offshore plan utilization 3.2 John Katsigeorgis 10/11/17 6 Offshore business plan discussion with advisors 1.0 Page 7 of 14