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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