23 Dec 2016director interest notice● Neutral
TALOS PETROLEUM LLC director Kay G Priestly sold 520 shares at $8.71.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
23 Dec 2016director interest notice● Neutral
TALOS PETROLEUM LLC EVP and CFO Kenneth H Beer sold 4,000 shares at $9.70.
22 Dec 2016substantial holder notice● Neutral
Thomas A. Satterfield, Jr disclosed a new substantial TALOS PETROLEUM LLC shareholding (8.96% of votes).
20 Dec 2016substantial holder notice● Neutral
Raymond T. Hyer, Kathleen A. Hyer, Tara Hyer Tira, Gardner Asphalt Corporation, Gardner-Gibson Incorporated, Sun Coatings, Inc, Hyer Family Foundation, Inc disclosed a new substantial TALOS PETROLEUM LLC shareholding (7.07% of votes).
15 Dec 2016securities registration● Neutral
TALOS PETROLEUM LLC amended a filing by which it applied to qualify a debt indenture with the SEC.
14 Dec 2016bankruptcy or receivership▼ BadMajor
Stone and two subsidiaries filed for chapter 11 in Houston on December 14, 2016, to carry out the prepackaged plan. Noteholders (about 79.7% of notes) and 100% of the bank lenders signed an amended support agreement, so the bank question left open earlier is now settled. Terms for existing shareholders got worse than before: 4% of the new stock (down from 5%) and warrants for up to 10% (down from 15%), both subject to dilution. Noteholders get $100M cash (down from a share of $150M of sale proceeds), 96% of new stock and $225M of new second lien notes; about $1.2 billion of debt is to be eliminated (earlier estimate ~$850M). The filing also records the debt acceleration, a stay on enforcement, an executive settlement with nine executives that cuts severance for Welch and Beer, and an expected plan completion in about 90 days.
12 Dec 2016material agreement● Neutral
Stone pushed back the deadline to start its chapter 11 case again: the deadline under the noteholder restructuring agreement moved from December 9 to December 13, 2016, and under the Tug Hill Appalachia sale agreement to December 14, 2016. It also amended its bank credit agreement (Amendment No. 4) to change the cash-hoarding rules that took effect December 10, 2016; the filing does not say how they were changed. This continues the prepackaged restructuring; the plan terms and the $360 million Tug Hill price are unchanged in this filing.
29 Nov 2016substantial holder notice● Neutral
Thomas A. Satterfield, Jr disclosed a new substantial TALOS PETROLEUM LLC shareholding (9.92% of votes).
18 Nov 2016securities registration● Neutral
TALOS PETROLEUM LLC amended a filing by which it applied to qualify a debt indenture with the SEC.
17 Nov 2016securities registration● Neutral
TALOS PETROLEUM LLC applied to qualify a debt indenture with the SEC.
16 Nov 2016material agreement● Neutral
A third amendment to the restructuring support agreement, dated November 15, 2016, moves the solicitation start deadline to November 17, 2016. It also lets noteholders terminate if they find changes to the specified employee plans unacceptable or certain indemnification changes not reasonably satisfactory.
10 Nov 2016material agreement● Neutral
A second amendment to the restructuring support agreement, dated November 9, 2016, moves the deadline to start soliciting votes on the plan from November 10 to November 15, 2016. Nothing else is stated as changed.
8 Nov 2016director interest notice● Neutral
TALOS PETROLEUM LLC Chairman, President & CEO David H Welch acquired 3,462 shares and disposed of 1,619 in a set of related equity transactions.
7 Nov 2016material agreement● Neutral
Stone and the noteholders amended the restructuring support agreement on November 4, 2016. Stone must give noteholders good faith estimates of contract cure costs on request, noteholders may terminate if those costs are unacceptable to them, noteholders can extend the automatic termination if the restructuring is not completed by day 100 after the chapter 11 filing, and solicitation must start by November 10. The deal terms are unchanged in the filing.
7 Nov 2016quarterly activities report▼ Bad
TALOS PETROLEUM LLC reported quarterly revenue of $94.4 million and a net loss of $89.6 million for the period ended 2016-09-30.
7 Nov 2016quarterly activities report▼ Bad
TALOS PETROLEUM LLC reported quarterly revenue of $94.4 million and a net loss of $89.6 million for the period ended 2016-09-30.
2 Nov 2016director interest notice● Neutral
TALOS PETROLEUM LLC director Donald E Powell received 384 shares as part of the equity award.
2 Nov 2016director interest notice● Neutral
TALOS PETROLEUM LLC director Kay G Priestly acquired 384 shares and disposed of 153 in a set of related equity transactions.
2 Nov 2016director interest notice● Neutral
TALOS PETROLEUM LLC director Robert S Murley received 384 shares as part of the equity award.
2 Nov 2016director interest notice● Neutral
TALOS PETROLEUM LLC director George R Christmas acquired 384 shares and disposed of 96 in a set of related equity transactions.
2 Nov 2016director interest notice● Neutral
TALOS PETROLEUM LLC director Peter D Kinnear acquired 384 shares and disposed of 153 in a set of related equity transactions.
2 Nov 2016director interest notice● Neutral
TALOS PETROLEUM LLC director Bobbie J Duplantis acquired 384 shares and disposed of 153 in a set of related equity transactions.
2 Nov 2016director interest notice● Neutral
TALOS PETROLEUM LLC director David T Lawrence acquired 384 shares and disposed of 153 in a set of related equity transactions.
2 Nov 2016director interest notice● Neutral
TALOS PETROLEUM LLC director Phyllis M. Taylor received 384 shares as part of the equity award.
2 Nov 2016director interest notice● Neutral
TALOS PETROLEUM LLC director Richard A Pattarozzi acquired 384 shares and disposed of 96 in a set of related equity transactions.
21 Oct 2016material agreement▼ BadMajor
On October 20, 2016 Stone signed a restructuring support agreement with noteholders holding about 85.4% of its convertible and 2022 notes, backing a prepackaged chapter 11 filing on or before December 9, 2016. Noteholders would get 95% of the new stock, $225 million of new second lien notes and a share of Appalachia sale proceeds; existing shareholders would get 5% of the new stock plus warrants for up to 15% of post-petition equity (the stock subject to dilution from the warrants and a management incentive plan). Stone also agreed to sell about 86,000 net Appalachian acres to an affiliate of Tug Hill for $360 million cash, expected to close by February 27, 2017; no agreement has yet been reached with the bank lenders, and the plan would remove about $850 million of debt. This resolves the earlier strategic review with a heavily diluting outcome for shareholders, but it is not yet confirmed.
15 Aug 2016director interest notice● Neutral
David H Welch became a TALOS PETROLEUM LLC Chairman, President & CEO and company insider (initial ownership filing).
8 Aug 2016director interest notice● Neutral
TALOS PETROLEUM LLC Chairman, President & CEO David H Welch acquired 12,256 shares and disposed of 5,730 in a set of related equity transactions.
3 Aug 2016quarterly activities report▼ Bad
TALOS PETROLEUM LLC reported quarterly revenue of $89.3 million and a net loss of $195.8 million for the period ended 2016-06-30.
2 Aug 2016quarterly activities report▼ Bad
TALOS PETROLEUM LLC reported quarterly revenue of $89.3 million and a net loss of $195.8 million for the period ended 2016-06-30.