Finance - Restructuring
Under Phase 1 of the program, announced 13 months ago, Exco reduced net debt by 28%, to $1.1 billion as of March 2016. In September 2015, net debt was $1.5 billion.
The company's restructuring plan will also eliminate about $222 million of preferred equity, and reduce the company's annual interest payments by more than $200 million.
Connacher said some of its existing lenders will provide up to CA$20 million in interim financing, and obligations will continue being met as it goes through the CCAA process, Reuters reported.
Debt and restructuring experts at IPAA’s Managing Debt In Troubled Times conference discussed insights gained from past downturns and how to apply them to the present.
The second support agreement supersedes the previously amended and restated agreement dated May 3.
Pacific Exploration also plans file for protection under Chapter 15 of U.S. Bankruptcy Code, which grants foreign companies protection from creditors looking to seize assets in the country, Reuters reported.
Blackhill guided a sale process and managed the transfer of RAAM's onshore and offshore assets to the senior secured lender. Jim Latimer was chief restructuring officer.
The independent directors appointed to his role.
The independent directors appointedDavid T. Lawrence
to his role.Andrews Kurth LLP was hired as special counsel to the independent directors.
Baker Botts LLP is Seventy Seven’s legal counsel and Lazard Freres & Co. LLC is its financial adviser. Alvarez & Marsal is Seventy Seven’s restructuring adviser.
PPB Advisory said it is working with Linc's management to review operations and assets in Australia and the U.S., adding Linc will continue with business as usual during review, Reuters reported.
Both of Sinopec's new partners are investment platforms under State-owned Assets Supervision and Administration Commission of the State Council, Reuters said. Most of SIPC's assets are not under Sinopec Corp.
Copies of the 363 motion and the associated bid procedures are on file and available for review at the office of the Clerk of Court, United States Bankruptcy Court, Western District of Louisiana – Lafayette Division.