Past year: ▼ 75%(5.50c – 41.9c USD)
Each one in plain English, with the numbers worked through for a shareholder.
11 Oct 2016material agreement▼ BadMajor
Entered a new restructuring support agreement with holders of its 12% second-lien notes and unsecured notes, with a $530 million backstopped rights offering. The bank lenders were not yet parties, and their May 2016 agreement remained in force.
26 Sept 2016material agreement▼ Bad
Amended the restructuring support agreement a second time as Chapter 11 negotiations continued.
9 Sept 2016material agreement▼ Bad
Amended the Chapter 11 restructuring support agreement with creditors -- continued negotiation of plan terms while the case proceeded.
4 Aug 2016quarterly activities report● Neutral
Pressburg, LLC reported quarterly revenue of $64.9 million and net income of $208.5 million for the period ended 2016-06-30.
2 Aug 2016business combination● NeutralMajor
The LinnCo exchange offer for Linn units closed: its subsequent offering period ended August 1, 2016, with 123,909,317 units (about 35% of outstanding units) tendered and accepted, and LinnCo now owns about 71% of Linn's units. This resolves the open exchange-offer thread; it was carried out while Linn was in Chapter 11, and the filing says nothing about what it means for the plan outcome.
18 July 2016material agreement▼ Bad
Extended the deadline under its April 2016 noteholder settlement agreement while the Chapter 11 case proceeded -- routine bankruptcy-process housekeeping.
10 June 2016listing compliance notice● NeutralMajor
Pressburg, LLC's exchange filed to remove a class of its securities from listing.
16 May 2016listing compliance notice▼ BadMajor
After Linn Energy, LinnCo and Berry Petroleum filed for Chapter 11 on May 11, 2016 (Case No. 16-60040), NASDAQ told Linn on May 13 that its units will be delisted, citing the bankruptcy, concerns about the residual equity interest of existing holders, and a bid price under $1.00 for 30 straight trading days. Linn does not intend to appeal; trading is due to be suspended May 24, 2016, and the units are expected to be eligible for the thinner OTC Pink market. This follows through on the bankruptcy threads and ends the units' NASDAQ listing.
12 May 2016quarterly activities report▼ Bad
Pressburg, LLC reported quarterly revenue of $346.7 million and a net loss of $1347.7 million for the period ended 2016-03-31.
11 May 2016bankruptcy or receivership▼ BadMajor
Filed for Chapter 11 bankruptcy protection jointly with LinnCo and Berry Petroleum in the Southern District of Texas, after negotiating a restructuring support agreement with creditors holding at least two-thirds of its credit facility debt -- the culmination of the debt-funded growth strategy meeting the 2015-16 oil price crash.
29 Apr 2016director interest notice● Neutral
Pressburg, LLC SVP - Corporate Services Thomas E Emmons disposed of 49,083 shares via option/appreciation-right settlement.
29 Apr 2016director interest notice● Neutral
Pressburg, LLC director David D Dunlap disposed of 25,396 shares via option/appreciation-right settlement.
29 Apr 2016director interest notice● Neutral
Pressburg, LLC director Stephen J Hadden disposed of 10,782 shares via option/appreciation-right settlement.
29 Apr 2016director interest notice● Neutral
Pressburg, LLC EVP and CFO David B. Rottino disposed of 178,283 shares via option/appreciation-right settlement.
29 Apr 2016director interest notice● Neutral
Pressburg, LLC President and CEO Mark E Ellis disposed of 475,974 shares via option/appreciation-right settlement.
29 Apr 2016director interest notice● Neutral
Pressburg, LLC director Joseph P Mccoy disposed of 27,441 shares via option/appreciation-right settlement.
29 Apr 2016director interest notice● Neutral
Pressburg, LLC EVP and COO Arden Walker Jr. disposed of 269,039 shares via option/appreciation-right settlement.
29 Apr 2016director interest notice● Neutral
Pressburg, LLC director Jeffrey C Swoveland disposed of 34,933 shares via option/appreciation-right settlement.
29 Apr 2016director interest notice● Neutral
Pressburg, LLC SVP - Houston Div Ops Jamin Mcneil disposed of 64,870 shares via option/appreciation-right settlement.
28 Apr 2016listing compliance notice▼ BadMajor
Received a Nasdaq notice that its units had traded below $1.00 for 30 straight days, risking delisting -- another marker of how far the stock had fallen from its 2011-12 highs.
28 Apr 2016director interest notice● Neutral
Pressburg, LLC director David D Dunlap disposed of 25,396 shares via option/appreciation-right settlement.
28 Apr 2016director interest notice● Neutral
Pressburg, LLC SVP - Gen Counsel & Corp Sec Candice J Wells acquired 23,522 shares and disposed of 23,522 in a set of related equity transactions.
26 Apr 2016business combination● NeutralMajor
The LinnCo exchange offer expired April 25, 2016, with about 103,961,939 Linn units (about 29% of those outstanding) tendered and accepted for LinnCo shares. LinnCo opened a subsequent offering period running to May 23, 2016, on the same exchange ratio, so remaining holders can still tender.
26 Apr 2016business combination● Neutral
Linn Energy updated its response to the LinnCo exchange offer: all its officers and directors now intend to tender their Linn units into the offer. It also disclosed that CEO Mark Ellis gave away 298,319 units to a university on April 20, 2016, for no payment, with 108,280 units moved to indirect ownership.
15 Apr 2016debt financing▼ BadMajor
Amended its credit agreement to forestall defaults through May 11, 2016 and freeze the borrowing base while it negotiated a full restructuring support agreement with lenders -- the immediate precursor to bankruptcy.
5 Apr 2016material agreement▼ BadMajor
Linn signed a settlement agreement with holders of over two-thirds of its $1.0 billion 12% second-lien notes after missing the February 2016 mortgage deadline; the mortgages have since been delivered and the default cured. The parties agreed to negotiate a restructuring, failing which they would back a bankruptcy order approving $1 billion of additional notes and releasing the collateral.
4 Apr 2016business combination● NeutralMajor
Linn Energy's board stated it is neutral and makes no recommendation on LinnCo's offer to swap each Linn unit for one LinnCo share, and told unitholders to consult tax advisers, including about possible future cancellation-of-debt income allocations. 355,228,188 Linn units were outstanding as of April 4, 2016. This is a new thread in the run-up to the May 2016 bankruptcy filing.
1 Mar 2016late filing notice▼ Bad
Pressburg, LLC notified the SEC that its annual report would be filed late.
23 Nov 2015debt financing▼ BadMajor
Completed the exchange: holders handed in about $2.0 billion of Linn's unsecured notes and took back roughly $1.0 billion of new 12% second-lien notes due 2020 - a distressed swap in which they accepted about half their principal, and the new notes still rank behind the Wells Fargo-led priority-lien facility.
17 Nov 2015material agreement▼ BadMajor
Entered exchange agreements to swap roughly $2.0 billion of existing unsecured notes for about $1.0 billion of new 12% senior secured second-lien notes due 2020 -- a distressed debt exchange that cut face-value debt by half but subordinated remaining unsecured creditors, a clear signal of financial distress.
