Armstrong Energy, Inc. Announces Results for the Three and Six Months Ended June 30, 2017
"Our continuing operating losses, negative cash flow projections, Indenture default and other liquidity risks raise substantial doubt about whether we will meet our obligations as they become due over the next year. As a result of this, as well as the continued uncertainty around future coal fundamentals, we have concluded there exists substantial doubt regarding our ability to continue as a going concern. ... Failure to reach an agreement on the terms of a restructuring with our creditors, including the Holders, would have a material adverse effect on our liquidity, financial condition and results of operations. It may be necessary for us to file a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in order to implement a restructuring, or our creditors could force us into an involuntary bankruptcy or liquidation."
EXCO Resources, Inc. Reports Second Quarter 2017 Results
"The Company does not believe it will be able to comply with all of the covenants under the Credit Agreement or have sufficient Liquidity to conduct its business operations based on existing conditions and estimates during the next twelve months, and could be in default under certain covenants in its Credit Agreement as early as of the end of third quarter 2017. The Company’s ability to comply with its debt covenants is dependent upon oil and natural gas prices, decisions regarding the method of interest payments on the 1.5 Lien Notes and 1.75 Lien Term Loans, closing of the sale of properties in South Texas, and other factors. In addition, the Credit Agreement matures on July 31, 2018, and senior unsecured notes mature on September 15, 2018 ("2018 Notes"). The Company's Liquidity is not expected to be sufficient to repay the outstanding indebtedness due in 2018 based on existing conditions and estimates. These factors raise substantial doubt about the Company's ability to continue as a going concern.
If the Company is unable to restructure its current obligations under its existing outstanding debt, and address near-term liquidity needs, it may need to seek relief under the U.S. Bankruptcy Code. See further information on the risks related to EXCO’s indebtedness and its ability to continue as a going concern in the Company’s periodic filings with the SEC."
Nuverra Completes Restructuring And Emerges From Chapter 11
Over $70 Million In New Financing And Debt Level Reduced By Over $500 Million
The Incredible Shrinking Sears - The New York Times
How a financial wizard took over a giant of American retailing, and presided over its epic decline.
Regional Grocery Stores Feel the Squeeze
Number of grocers with at least $2 million in sales fell 6% last year; two Midwest chains filed for bankruptcy protection
Beard Group Podcast: Perspectives and Insights from Maxus Energy with James Peck and Jennifer Marines of Morrison Foerster
James Peck and Jennifer Marines of Morrison Foerster discuss the fascinating story of Maxus Energy and some of the lessons learned from this unusually complex reorganization case.
