Past year: ▼ 71%(2.00c – 7.00c USD)
Each one in plain English, with the numbers worked through for a shareholder.
10 Nov 2015bankruptcy or receivership▼ BadMajor
Far East Energy filed for Chapter 7 liquidation on 10 November 2015 after failing to sell or restructure itself, handing control to a trustee. The filing defaulted the 2011 facility ($23.2 million), the working capital loans ($10.8 million) and the notes ($89.1 million), and the CEO and CFO left immediately.
7 Oct 2015material agreement▼ BadMajor
Standard Chartered sold its position out of the 2011 facility to the same lender group behind the working capital loans, and the new holders extended the maturity to March 2016. The original bank was gone; the company's fate now sat with a single group of distressed lenders.
30 Sept 2015debt financing▼ BadMajor
A $16.3 million unsecured facility was arranged, of which $8.8 million refinanced the February, April and June working capital loans in full. The other $7.5 million was left for approved working capital use, with $500,000 requested at once.
11 Sept 2015debt default or forbearance▼ BadMajor
A thirteenth and final extension carried the bank loan to 8 October 2015 with interest deferred once more - the last of a year of month-by-month reprieves.
20 July 2015material agreement▼ Bad
The February working capital loan was pushed out a third time, to 8 October 2015, lining it up with the other stopgap facilities.
2 July 2015debt default or forbearance▼ BadMajor
A twelfth extension carried the bank loan to 4 September 2015, interest deferred.
29 June 2015debt financing▼ BadMajor
The February working capital loan was extended a second time and a third $4 million unsecured facility was taken from the same lenders - the company now rolling three separate stopgap loans at once.
2 June 2015debt default or forbearance▼ BadMajor
An eleventh extension moved the bank loan to 3 July 2015, interest deferred again.
28 May 2015material agreement▼ Bad
The $1.4 million February working capital loan could not be repaid on its first due date and was pushed to 26 June 2015.
1 May 2015debt default or forbearance▼ BadMajor
A tenth extension carried the bank loan to 1 June 2015 with interest deferred.
9 Apr 2015debt financing▼ BadMajor
A second unsecured working capital facility, this one $4 million over six months, was drawn from the same lender group six weeks after the first.
1 Apr 2015late filing notice▼ Bad
FAR EAST ENERGY CORP notified the SEC that its annual report would be filed late.
1 Apr 2015debt default or forbearance▼ BadMajor
A ninth extension moved the bank loan to 30 April 2015, interest deferred again.
27 Feb 2015debt financing▼ BadMajor
With the bank loan unpayable, the company took a $1.4 million three-month unsecured working capital loan from a group of lenders - borrowing to keep the lights on rather than to drill.
19 Feb 2015debt default or forbearance▼ BadMajor
An eighth extension carried the unpaid principal and interest to 31 March 2015.
15 Jan 2015debt default or forbearance▼ BadMajor
Another month bought, to 13 February 2015, with the interest deferred once more.
5 Jan 2015debt default or forbearance▼ BadMajor
Principal and the deferred interest were pushed again, to 15 January 2015 - a fortnight at a time.
28 Nov 2014debt default or forbearance▼ BadMajor
For the first time the bank deferred the interest itself, not just the principal: the November payment was rolled into a new maturity of 31 December 2014. The company had stopped being able to service the loan at all.
6 Nov 2014quarterly activities report▼ Bad
FAR EAST ENERGY CORP reported quarterly revenue of $1.3 million and a net loss of $8.2 million for the period ended 2014-09-30.
31 Oct 2014material agreement▼ Bad
A fourth extension carried the loan to 5 December 2014.
15 Sept 2014material agreement▼ Bad
A third extension moved the maturity to the end of October 2014, now measured in weeks rather than months.
6 Aug 2014quarterly activities report▼ Bad
FAR EAST ENERGY CORP reported quarterly revenue of $1.1 million and a net loss of $8.7 million for the period ended 2014-06-30.
11 July 2014material agreement▼ Bad
A second short extension pushed the Standard Chartered maturity to September 2014.
7 May 2014quarterly activities report▼ Bad
FAR EAST ENERGY CORP reported quarterly revenue of $1.0 million and a net loss of $9.0 million for the period ended 2014-03-31.
17 Mar 2014late filing notice▼ Bad
FAR EAST ENERGY CORP notified the SEC that its annual report would be filed late.
31 Dec 2013material agreement▼ Bad
The Standard Chartered facility was extended again, to April 2014, with interest now payable monthly instead of quarterly - a lender shortening its leash.
12 Dec 2013material agreement● NeutralMajor
CUCBM extended Shouyang exploration to June 2016 over 1,103 square kilometres, but only in exchange for a commitment to drill at least 39 more wells - more time bought with spending the company had no obvious way to fund.
8 Nov 2013quarterly activities report▼ Bad
FAR EAST ENERGY CORP reported quarterly revenue of $400 thousand and a net loss of $8.4 million for the period ended 2013-09-30.
5 Nov 2013securities registration● Neutral
FAR EAST ENERGY CORP amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.
13 Aug 2013securities registration● Neutral
FAR EAST ENERGY CORP registered a securities offering with the SEC using its shelf eligibility.
