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Stock Market & Financial Investment News

News Breaks
April 10, 2014
09:17 EDTRTKRentech announces settlement agreement with CRS
Rentech entered into a settlement agreement with CRS. As part of the agreement and in addition to certain standstill restrictions accepted by CRS: An additional director candidate approved by CRS will be nominated by the Company for election to its Board of Directors at the 2014 annual meeting of shareholders, or appointed to the Board of Directors shortly thereafter. In order to facilitate the election of the additional director candidate, Rentech will place a proposal on the ballot for the 2014 annual meeting of shareholders to expand the Board of Directors by one director; The formation of a Finance Committee consisting of five members including Messrs. Ostrover and Moore and the additional director candidate approved by CRS. The Finance Committee will be responsible for approving significant capital expenditures, reviewing and taking action to reduce Rentech’s cost structure, and reviewing the Company’s executive compensation practices; CRS will withdraw its slate of nominees for the 2014 annual meeting of shareholders; CRS will vote all of its shares in favor of the board’s slate of director nominees at the 2014 annual meeting of shareholders; and CRS will withdraw its preliminary proxy solicitation to call a special meeting of shareholders.
News For RTK From The Last 14 Days
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February 23, 2015
07:10 EDTRTKRentech unit acquires assets of Allegheny Pellet Corporation for $7M in cash
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February 17, 2015
07:06 EDTRTKRentech says 'supports' decision by Rentech Nitrogen to explore alternatives
Rentech, Inc. (RTK) stated that it supports the decision by the board of Rentech Nitrogen Partners, L.P. (RNF) to retain a financial advisor to evaluate strategic alternatives for the partnership. Rentech owns the general partner and approximately 60% of the common units of Rentech Nitrogen.
07:05 EDTRTKRentech Nitrogen says exploring strategic alternatives
Rentech Nitrogen Partners, L.P. (RNF) that its Board of Directors has initiated a process to explore and evaluate potential strategic alternatives for the partnership, which may include a sale of the partnership, a merger with another party, a sale of some or all of the assets of the partnership, or another strategic transaction. The Board of Directors of Rentech, Inc. (RTK), which is the General Partner of, and owns approximately 60% of the common units of, the partnership, concurred with the partnership’s decision to explore its strategic alternatives. Rentech Nitrogen has retained Morgan Stanley as its financial advisor to assist with the strategic review process. The partnership stated that there can be no assurance that this strategic review process will result in a transaction. Rentech Nitrogen has not set a timetable for completion of the review process, and it does not intend to comment further regarding the review process unless a specific transaction is approved by its Board of Directors, the review process is concluded, or it is otherwise determined that further disclosure is appropriate or required by law.
07:02 EDTRTKRentech secures additional loan commitment of up to $63M from GSO Capital
Rentech, Inc. (RTK) announced that GSO Capital Partners LP, the credit investment arm of Blackstone (BX), has increased its credit facility for Rentech by up to $63M. The majority of the proceeds from this new facility are expected to fund completion of Rentech’s Canadian wood pellet projects through positive cash flow. Rentech now estimates the cost to complete the construction of its Canadian wood pellet projects to be $125M-$130M. Rentech expects that the new term loan, together with its other cash resources, will be sufficient to fund its Atikokan and Wawa pellet projects until they have been commissioned and begin to generate positive cash flow. Rentech currently estimates that the cost to acquire and construct the two plants will be $125M-$130M, up from $105M. The majority of the increase is due to delays in construction and higher labor costs for installation of electrical and mechanical components. Rentech expects that working capital and the cost to commission the plants will add approximately $6 to $10 million to the estimated total project cost. Rentech does not expect the plants to generate positive EBITDA or cash flow for the year 2015. Annual stabilized EBITDA projected for both plants remains in line with previous guidance of C$17M-C$20M.

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