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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
12 Jan 2017director interest notice● Neutral
Grizzly Energy, LLC President and CEO Scott W Smith disposed of 25,130 shares via option/appreciation-right settlement.
12 Jan 2017director interest notice● Neutral
Grizzly Energy, LLC Executive VP and CFO Richard A Robert disposed of 13,919 shares via option/appreciation-right settlement.
12 Jan 2017director interest notice● Neutral
Grizzly Energy, LLC Executive VP of Operations Britt Pence disposed of 11,933 shares via option/appreciation-right settlement.
5 Jan 2017director interest notice● Neutral
Grizzly Energy, LLC director Bruce W. Mccullough exercised stock options for 41,946 shares and disposed of 83,892 shares.
5 Jan 2017director interest notice● Neutral
Grizzly Energy, LLC director Loren Singletary received a stock option grant for 160,256 shares.
5 Jan 2017director interest notice● Neutral
Grizzly Energy, LLC President and CEO Scott W Smith received a stock option grant for 5,335,821 shares.
5 Jan 2017director interest notice● Neutral
Grizzly Energy, LLC director Bruce W. Mccullough received a stock option grant for 160,256 shares.
5 Jan 2017director interest notice● Neutral
Grizzly Energy, LLC President and CEO Scott W Smith exercised stock options for 369,128 shares and disposed of 738,256 shares.
5 Jan 2017director interest notice● Neutral
Grizzly Energy, LLC Executive VP of Operations Britt Pence received a stock option grant for 2,350,746 shares.
5 Jan 2017director interest notice● Neutral
Grizzly Energy, LLC Executive VP of Operations Britt Pence exercised stock options for 172,260 shares and disposed of 344,520 shares.
5 Jan 2017director interest notice● Neutral
Grizzly Energy, LLC director W Richard Anderson received a stock option grant for 160,256 shares.
5 Jan 2017director interest notice● Neutral
Grizzly Energy, LLC director W Richard Anderson exercised stock options for 41,946 shares and disposed of 83,892 shares.
5 Jan 2017director interest notice● Neutral
Grizzly Energy, LLC director Loren Singletary exercised stock options for 41,946 shares and disposed of 83,892 shares.
5 Jan 2017director interest notice● Neutral
Grizzly Energy, LLC Executive VP and CFO Richard A Robert exercised stock options for 210,291 shares and disposed of 420,582 shares.
5 Jan 2017director interest notice● Neutral
Grizzly Energy, LLC Executive VP and CFO Richard A Robert received a stock option grant for 2,925,373 shares.
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.
9 Nov 2016quarterly activities report▼ Bad
Grizzly Energy, LLC reported quarterly revenue of $126.3 million and a net loss of $245.4 million for the period ended 2016-09-30.
8 Nov 2016quarterly activities report▼ Bad
Grizzly Energy, LLC reported quarterly revenue of $126.3 million and a net loss of $245.4 million for the period ended 2016-09-30.
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.
25 Oct 2016agm notice● Neutral
Grizzly Energy, LLC shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
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.
14 Sept 2016securities registration● Neutral
Grizzly Energy, LLC amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.
8 Sept 2016agm notice● Neutral
Grizzly Energy, LLC shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
29 July 2016quarterly activities report▼ Bad
Grizzly Energy, LLC reported quarterly revenue of $24.9 million and a net loss of $260.8 million for the period ended 2016-06-30.