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Stock Market & Financial Investment News

News Breaks
June 24, 2014
08:21 EDTEOXEmerald Oil initiated with a Buy at GMP Securities
Target $12.
News For EOX From The Last 14 Days
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February 8, 2016
12:57 EDTEOXEmerald Oil says remains in default of credit agreement
Emerald Oil disclosed in a regulatory filing that, on January 29, the amendment to the forbearance agreement dated December 18 with regard to the credit agreement between Emerald Oil and Wells Fargo Bank expired, and the company was determined to be in default of the agreement. As a result of the default, on February 2, the Bank of Nova Scotia notified the company it had designated February 3 as the early termination date of the ISDA master agreement between the company and BNS. Thereafter, on February 3, BNS terminated the agreement and applied $17.5M of proceeds from the termination to amounts owing by the company to BNS under the credit agreement. As a result of the payment of the agreement termination proceeds, as well as the proceeds from other transactions consummated by the company, Emerald has cured the borrowing base deficiency under the facility, and the borrowing base under the facility is currently $113M, with approximately $111M currently outstanding. However, notwithstanding this cure, the company remains in default under the facility based on the continuing covenant defaults, and there is no credit available under the facility. So long as one or more events of default are continuing, the company's lenders may exercise a number of remedies including acceleration of the debt and the sale of collateral, the company noted. The exercise of those remedies may have a material adverse effect on the liquidity, financial condition and results of operations of the company, and, because its liquidity position continues to deteriorate, the company may still become bankrupt or insolvent.
12:44 EDTEOXEmerald Oil trading halted, pending news
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February 1, 2016
18:05 EDTEOXEmerald Oil negotiating borrowing base deficiency with lending group
Emerald Oil is continuing to negotiate with the lending group associated with its revolving credit facility to cure the outstanding borrowing base deficiency. On January 14, the company made a presentation to the lending group regarding a possible cure to the borrowing base deficiency, and the company expects to receive a response in the near future. For the time being, the company has elected not to extend the forbearance agreement that expired on January 29, but will continue to evaluate the merits of such an extension. Emerald has engaged legal advisor Kirkland & Ellis, who will join financial advisor Opportune LLP and investment banker Intrepid Partners, LLC, to advise management and the board of directors on lender negotiations and capital structure options.

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