17 Oct 2019listing compliance notice▼ BadMajor
Grizzly Energy, LLC deregistered its securities, ending its obligation to file reports with the SEC.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
17 July 2019capital raising announcement● NeutralMajor
Emerged from its second Chapter 11 on July 16, 2019, converting to a Delaware LLC and renaming itself Grizzly Energy, LLC. It entered a new exit facility with Citibank as agent: a $65 million revolver, a $65 million Term Loan A and a $285 million Term Loan B.
17 July 2019listing compliance notice▼ BadMajor
Grizzly Energy, LLC deregistered its securities, ending its obligation to file reports with the SEC.
10 July 2019bankruptcy or receivership● NeutralMajor
The bankruptcy court confirmed the company's reorganization plan on July 9, 2019, targeting July 15, 2019 as the effective date. Afterward the company expected to be reorganized as a Delaware LLC named Grizzly Energy, LLC, with lenders receiving most of the new common stock.
9 July 2019material agreement● Neutral
Widened support for its restructuring plan to include holders of its second-lien notes, adding their backing to the bank lenders already on board.
13 May 2019material agreement● NeutralMajor
Reached a Plan Support Agreement with lenders holding most of its revolving-credit and term-loan claims, agreeing to convert their debt into new common and preferred stock of the reorganized company - the second debt-for-equity swap in three years.
3 May 2019material agreement● Neutral
Amended its debtor-in-possession credit agreement to add new lenders to the bank group funding it through the second bankruptcy case.
5 Apr 2019bankruptcy or receivership● Neutral
Won a bankruptcy court order restricting large trades and worthlessness declarations in its common stock, a standard step to protect the company's tax-loss carryforwards during the case.
4 Apr 2019listing compliance notice▼ Bad
OTC Markets downgraded its common stock and warrants from the OTCQX tier to OTC Pink as an automatic consequence of the new bankruptcy filing.
1 Apr 2019bankruptcy or receivership▼ BadMajor
Filed Chapter 11 a second time on March 31, 2019, and sought court approval for a debtor-in-possession facility of up to $65 million of new money from Citibank, with $20 million available on an interim basis, plus a $65 million roll-up of existing revolver loans.
19 Feb 2019listing compliance notice▼ Bad
Received a second OTC Markets deficiency notice, this time because its common stock's market capitalization fell below the $5 million minimum required for its OTCQX tier.
5 Feb 2019listing compliance notice▼ Bad
Received an OTC Markets deficiency notice after its warrants failed to maintain a $0.10 minimum bid price, with until July 2019 to cure it.
31 Dec 2018debt financing▼ Bad
Drew down the last $17.1 million available under its credit facility, fully using its remaining capacity and leaving a cash balance of about $31 million.
10 Dec 2018material agreement▼ BadMajor
Borrowing base cut again to $682.4 million, leaving only about $21 million of liquidity; the company said it was pursuing property sales and exploring refinancing or restructuring options - distress signals barely a year after emerging from its first bankruptcy.
9 July 2018material agreement▼ Bad
As the reorganized Vanguard Natural Resources, Inc. (post-bankruptcy, converted from the old LLC), had its post-emergence credit facility borrowing base trimmed to $729.7 million from $765.2 million - the first Chapter 11 hadn't relieved balance-sheet pressure for long.
18 Aug 2017listing compliance notice▼ BadMajor
Grizzly Energy, LLC deregistered its securities, ending its obligation to file reports with the SEC.
15 Aug 2017business combination● NeutralMajor
The bankruptcy court confirmed the reorganization plan on July 18, 2017, and the company emerged on August 1, 2017, with all assets transferred from Vanguard Natural Resources, LLC to a new Vanguard Natural Resources, Inc. On August 9, 2017 the new company issued warrants to buy its common stock to holders of the old company's common units, and says it will keep filing SEC reports. This ends the Chapter 11 case; the filing does not state what, if anything, old unitholders receive beyond these warrants.
19 July 2017bankruptcy or receivership● NeutralMajor
The bankruptcy court confirmed the Modified Second Amended Joint Plan on July 18, 2017, with August 1, 2017 targeted as the effective date and the company to become Vanguard Natural Resources, Inc., a Delaware corporation. The plan included a $255.75 million backstopped rights offering and full recovery for revolving credit lenders.
8 June 2017bankruptcy or receivership● Neutral
Bankruptcy court approved its disclosure statement and set procedures for creditors to vote on the reorganization plan, moving the Chapter 11 case toward a confirmation hearing.
24 May 2017asset acquisition disposition● NeutralMajor
While in Chapter 11, the company's subsidiary sold much of its Glasscock County, Texas oil and gas properties to the stalking-horse buyer, which won an auction on May 17, 2017 against a competing bid from XTO Energy. Total consideration was $102,150,040: about $96.86 million for the leases (closed May 19, 2017 after court approval) and about $5.29 million for roughly 57 wells, to be signed by May 26, 2017. The filing warns that trading in the securities is highly speculative and may bear little relation to any recovery for holders.
24 Mar 2017material agreement● Neutral
Agreed to sell Glasscock County, Texas oil and gas properties to OXY USA for about $78.3 million as part of the bankruptcy asset-sale process, subject to a court-supervised auction for potentially higher bids.
14 Mar 2017listing compliance notice● NeutralMajor
Grizzly Energy, LLC's exchange filed to remove a class of its securities from listing.
2 Mar 2017material agreement● NeutralMajor
Lined up $255.75 million of new equity financing for its reorganization plan, backstopped by senior noteholders through a rights offering - the money needed to fund its exit from bankruptcy.
3 Feb 2017listing compliance notice▼ Bad
NASDAQ moved to delist its common and preferred units as an automatic consequence of the bankruptcy filing; the company didn't plan to appeal and expected to trade on the OTC Pink market instead.
2 Feb 2017bankruptcy or receivership▼ BadMajor
Filed for Chapter 11 with certain subsidiaries, backed by a restructuring support agreement with noteholders. Senior noteholders would receive 97% of the reorganized company's equity, second-lien holders new notes of about $75.6 million, and first-lien lenders a paydown plus a new $1.1 billion facility.
14 Nov 2016listing compliance notice▼ Bad
Received a NASDAQ deficiency notice after its units traded below $1.00 for 30 straight days, with until May 2017 to regain compliance - the unit price collapse was now a listing problem too.
4 Nov 2016debt financing▼ BadMajor
The borrowing base was cut again, from $1.325 billion to $1.1 billion, effective November 3, 2016 after approval by two-thirds of first lien lenders. With about $1.3 billion borrowed, the deficiency is about $187.3 million after a first $37.5 million payment on Oct 26, 2016, to be repaid in five monthly installments of $37.5 million starting January 2017. The company says forecasted excess cash flow will not be enough and that refinancing or restructuring debt, asset sales, reduced drilling or new capital will be needed. This worsens the earlier May 2016 position, when it expected cash flow to cover the shortfall.
26 Oct 2016material agreement▼ BadMajor
Lenders waived the company's breach of the $50 million liquidity covenant so it could pay interest on its 2020 notes (paid Oct 26) and its December 2019 notes interest. The waiver would void if the 2020 payment wasn't made by Oct 31, and a borrowing base cut to $1.1 billion was expected.
3 Oct 2016material agreement▼ BadMajor
Elected not to make a roughly $15 million interest payment on its 2020 senior notes, instead using the 30-day grace period, while bank lenders agreed the missed payment wouldn't itself trigger a default under the credit facility - the balance sheet was now visibly straining.
30 June 2016debt financing▼ BadMajor
This amendment only corrects the item number and heading of a May 27, 2016 report; the substance is the Tenth Amendment to the credit facility (May 26, 2016), which cut the borrowing base from $1.8 billion to $1.325 billion. Borrowings of $1.424 billion left a deficiency of about $103.5 million, to be repaid in six monthly installments of about $17.3 million from June 27, 2016, which the company expects to cover from excess cash flow. The amendment also gave a one-time current ratio waiver for Q2 2016, raised the mortgage requirement from 80% to 95%, and added an event of default for payments on Senior Notes or Second Lien Debt from Sept 15, 2016 if pro forma liquidity falls below $50 million. This continues the tightening of the lending base seen since the June 2015 cut.