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Tuesday, May 12, 2015

American Eagle Energy Files for Chapter 11 Bankruptcy Protection

http://www.wsj.com/articles/american-eagle-energy-files-for-chapter-11-bankruptcy-protection-1431349200

The company agreed to make a partial interest payment early last month––$4 million of the $9.8 million due—to allow negotiations to continue for another month. That agreement was set to expire this week, which could have allowed bondholders to take action against American Eagle to collect their debt.
American Eagle filed for bankruptcy on Friday, listing assets of $221.9 million and debts of $215.2 million in the chapter 11 petition in U.S. Bankruptcy Court in Denver. The same day, it filed quarterly financials with the U.S. Securities and Exchange Commission.
In those disclosures, American Eagle said its might file for chapter 11 bankruptcy “in order to provide additional time to identify an appropriate solution to its financial situation and to implement a plan of reorganization aimed at improving its capital structure.”
The company reported $6.9 million in oil and gas revenues for the quarter ended March 31, according to the financial statement, yielding a net loss of $50.7 million. That is compared with $12.5 million in revenue during the same period in 2014 and $1 million in net losses.

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