Oil and gas producer Linn Energy LLC (NASDAQ: LINE) said it planned to skip interest payments on some of its senior notes due on April 15, after making bond payments that were deferred last month.
Linn Energy and its unit Berry Petroleum Co. LLC planned to skip interest payments of a total of $58 million, due April 15 and May 1, kicking off a 30-day grace period, the company said in a statement.
Linn said it paid off interest payments of about $60 million that were deferred on March 15, when the company said that bankruptcy might be unavoidable after substantial doubt about its ability to continue as a going concern.
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