8 Sept 2020director interest notice● Neutral
UNIT CORP Sr. VP and CFO George L Austin disposed of 69,524 shares via option/appreciation-right settlement.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
8 Sept 2020director interest notice● Neutral
UNIT CORP VP, Chief Accounting Officer Don A Hayes disposed of 64,080 shares via option/appreciation-right settlement.
8 Sept 2020director interest notice● Neutral
UNIT CORP director G Bailey Peyton IV disposed of 63,102 shares via option/appreciation-right settlement.
8 Sept 2020director interest notice● Neutral
UNIT CORP director Larry D Pinkston disposed of 456,199 shares via option/appreciation-right settlement.
8 Sept 2020director interest notice● Neutral
UNIT CORP director Carla S Mashinski disposed of 30,775 shares via option/appreciation-right settlement.
8 Sept 2020director interest notice● Neutral
UNIT CORP Executive Vice President, UPC Frank Q Young disposed of 185,185 shares via option/appreciation-right settlement.
8 Sept 2020director interest notice● Neutral
UNIT CORP director Steven B Hildebrand disposed of 51,602 shares via option/appreciation-right settlement.
8 Sept 2020director interest notice● Neutral
UNIT CORP director J Michael Adcock disposed of 64,493 shares via option/appreciation-right settlement.
8 Sept 2020director interest notice● Neutral
UNIT CORP director Larry C Payne disposed of 46,602 shares via option/appreciation-right settlement.
4 Sept 2020listing compliance notice▼ BadMajor
UNIT CORP deregistered its securities, ending its obligation to file reports with the SEC.
12 Aug 2020bankruptcy or receivership▼ BadMajor
On August 6, 2020 the bankruptcy court confirmed Unit's Chapter 11 plan, which the May 22 filing had started. Under the plan, the existing common stock will be cancelled and all existing funded debt and equity extinguished. Common holders who did not opt out of the releases get seven-year warrants for 12.5% of the new shares, at an exercise price equal to the $650M notes plus interest to May 15, 2021. Noteholders and general unsecured creditors get new shares, bank and DIP lenders get exit facility loans (up to $180M), and DIP lenders also get a 5% equity fee. The plan takes effect only once its conditions are met, and the filing gives no assurance on timing.
11 Aug 2020late filing notice▼ Bad
UNIT CORP notified the SEC that its quarterly report would be filed late.
10 Aug 2020director interest notice● Neutral
UNIT CORP director G Bailey Peyton IV sold 21,050 shares.
25 June 2020bankruptcy or receivership● NeutralMajor
On June 19, 2020 the bankruptcy court gave final approval to the $36.0 million DIP loan, which also refinances $96.0 million of pre-petition borrowings under the 2011 senior credit agreement. It also conditionally approved the disclosure statement for the reorganization plan, with a June 22 voting record date, a July 29 ballot deadline, a confirmation hearing on August 6, 2020, and a July 17 general claims deadline. Common stockholders need not file a proof of interest, and the company expects the plan to take effect shortly after confirmation; this advances the restructuring but does not itself say what common holders receive.
25 June 2020quarterly activities report▼ Bad
Unit filed its quarterly report for the three months ended March 31, 2020. It flagged subsequent events dated May 22, 2020, including a debtor-in-possession credit facility.
10 June 2020listing compliance notice● NeutralMajor
UNIT CORP's exchange filed to remove a class of its securities from listing.
9 June 2020substantial holder notice● Neutral
BlackRock, Inc reported no remaining UNIT CORP shareholding in its periodic institutional filing.
1 June 2020bankruptcy or receivership▼ BadMajor
This follows the May 22, 2020 Chapter 11 filing. On May 27, 2020 Unit signed a $36.0 million debtor-in-possession loan with BOKF as agent (the court allowed up to $18 million at first, final hearing set for June 19, 2020), and the NYSE suspended the stock on May 26 and began delisting proceedings; it now trades on OTC Pink as UNTCQ. A May 28 court order also restricts trading by anyone holding at least 2,458,135 shares (about 4.5%), with prohibited transfers void.
26 May 2020bankruptcy or receivership▼ BadMajor
On May 22, 2020 Unit and five subsidiaries filed Chapter 11 in Houston under a Restructuring Support Agreement with 100% of its bank lenders and holders of over 70% of the 6.625% subordinated notes; this resolves the standstill and the note-exchange thread. Under the plan, noteholders and general unsecured creditors of Unit and Unit Petroleum get new shares, and common shareholders who do not opt out of releases get seven-year warrants for 12.5% of the new shares, with an exercise price equal to the $650M notes plus interest to May 15, 2021. A $36M debtor-in-possession loan (up to $18M initially) is planned, bank commitments were terminated after an $8M final borrowing, and a lender exit facility of at least $180M is planned. Superior Pipeline and its parent SPC are not debtors, and a continuation agreement keeps the Superior joint venture with SP Investor in place.
5 May 2020material agreement● Neutral
On May 4, 2020 Unit and its lenders signed a third amendment extending the standstill on the senior credit agreement to 3:00 p.m. Central on May 15, 2020, unless the agent gives notice of a termination event sooner. A second amendment dated April 17, 2020 is also referenced. This continues a series of short extensions with no longer-term deal shown.
17 Apr 2020auditor change▼ BadMajor
On April 13, 2020 Unit's audit committee dismissed PricewaterhouseCoopers and on April 17 hired Grant Thornton as auditor for fiscal 2020. The filing says PwC's 2019 report included a going-concern explanatory paragraph, reports no disagreements, and states the material weakness in financial reporting controls (flagged since 2018) was remediated as of December 31, 2019. The filing gives no reason for the change.
16 Apr 2020material agreement▼ Bad
On April 15, 2020 Unit and its senior lenders (agent BOKF) signed a first amendment extending the March 11 standstill, but only until the earlier of a lender termination notice or 3:00 p.m. Central on April 17, 2020. This continues the lender standstill thread; the filing shows only a two-day extension and no agreement on longer-term credit terms.
27 Mar 2020listing compliance notice▼ Bad
UNIT CORP withdrew a registration statement, abandoning the offering it covered.
16 Mar 2020material agreement▼ BadMajor
On March 11, 2020 Unit and its lenders, led by BOKF, signed a standstill agreement on the senior credit agreement. The lenders agreed to hold off on the borrowing base review due around April 1, 2020 and on exercising certain remedies until April 15, 2020 or an earlier termination event. In return, Unit must repay borrowings with cash above $15 million each week, borrow no more than $15 million in total, follow a lender-approved 13-week cash budget, and accept limits on executive pay changes. The filing says there is no assurance a further agreement will be reached by the end of the standstill. This follows the earlier credit amendments, and the filing does not say whether the note exchange was completed.
16 Mar 2020quarterly activities report▼ Bad
Unit announced its financial results for the three and twelve months ended December 31, 2019 in a press release furnished with this 8-K. The filing itself gives no figures.
3 Feb 2020securities registration● Neutral
Unit extended its exchange offer for the 6.625% notes due 2021 to March 30, 2020. It also disclosed that the credit agreement borrowing base was cut from $275 million to $200 million on January 17, with about $108.2 million drawn at year-end.
13 Jan 2020securities registration● Neutral
Unit filed a prospectus supplement extending its exchange offer for the 6.625% Senior Subordinated Notes due 2021 to 11:59 p.m. New York time on January 31, 2020. The terms were otherwise unchanged.
10 Jan 2020substantial holder notice● Neutral
BlackRock, Inc reported a UNIT CORP shareholding of 3,867,297 shares (7.00% of votes) in a periodic institutional filing.
9 Jan 2020substantial holder notice● Neutral
The Vanguard Group reported a UNIT CORP shareholding of 2,944,138 shares (5.30% of votes) in a periodic institutional filing.
23 Dec 2019listing compliance notice▼ BadMajor
On December 19, 2019 the NYSE told Unit its stock failed the minimum listing standard because the average closing price was below $1.00 over 30 consecutive trading days. Unit has six months to get back above $1.00 and stays listed during that period, but faces suspension and delisting if it fails. This is a new risk for shareholders alongside the debt exchange.