Sunday, October 16, 2016

Bonanza Creek Energy Missing Interest Payment

While it has sufficient cash on hand to make the payment, Bonanza Creek Energy, Inc. (the “Company”) has elected not to make the interest payment due on October 15, 2016 with respect to its $500 million 6.75% senior notes due in 2021 (the “2021 Notes”). By not making the interest payment, the Company will enter into a 30-day grace period during which it retains the right to pay the interest due to the holders of the 2021 Notes and thereby remain within compliance of the bond indenture. The 30-day grace period also applies to any potential cross-default under the Company’s credit facility with respect to the bond interest payment.

Friday, October 14, 2016

Thursday, October 13, 2016

Goodrich Petroleum Shares Cancelled

"On September 29, 2016, the United States Bankruptcy Court for the Southern District of Texas Houston Division confirmed the Debtors' First Amended Joint Plan of Reorganization (“Plan”) for Goodrich Petroleum Corporation (GDPMQ). The Plan became effective before the open on October 13, 2016, and GDPMQ shares were canceled. Effective October 13, 2016, existing GDPMQ options are adjusted to no longer call for the delivery of Goodrich Petroleum Corporation Shares upon exercise."

Tuesday, October 11, 2016

"Linn Energy Has New Deal With Creditors to Take Over Company"

"Gas driller Linn Energy LLC announced a new deal with bondholders to divide up the company after it reorganizes and exits bankruptcy sometime next year, lawyers told the judge overseeing the case. Unsecured noteholders will own about 60 percent of Linn, with the rest going to second-lien bondholders..."

Great Greg Cochran Interview on the Iraq War (2007)

From a great interview on the Iraq war with Greg Cochran, must read:

Cochran: They tell me that there's not one political appointee in the government who could do that analysis. Likely true. That must always have been the case. However, the Bush people seem to pay no attention to technical expertise, ever. They don't believe in it. As far as I can tell, their position is that everything ever said by anybody is propaganda. Projection? Ad Hominem rules ok, there is no other argument. Steve Sailer calls it "marketing-major post-modernism."
People claim that the Donald is a lightweight, but note that he is the first prominent Republican to come out against the Iraq war and the neocon disasters.

Monday, October 3, 2016

Goodrich Plan Effective Date

Latest 8-K filing:

On September 28, 2016, the Bankruptcy Court entered an order (the “Confirmation Order”) confirming the Plan as modified by the Confirmation Order.

The Debtors expect that the effective date of the Plan will occur as soon as all conditions precedent to the Plan have been satisfied (defined in the Plan as the “Effective Date”). Although the Debtors are targeting occurrence of the Effective Date within the next 15 days, the Debtors can make no assurances as to when, or ultimately if, the Plan will become effective.

Holders of Company preferred and common stock will receive no recovery on account of their equity interests.

Arch Coal Plan Effective Date on Wednesday

From an 8-K filing:

In connection with the anticipated effectiveness on October 5, 2016 of Arch Coal Inc.’s (the “Company”) previously confirmed Fourth Amended Joint Plan of Reorganization Under Chapter 11 of the Bankruptcy Code, Company management will be meeting from time to time with various analysts and investors.