4 May 2017listing compliance notice● NeutralMajor
Amplify Energy Holdings LLC's exchange filed to remove a class of its securities from listing.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
18 Apr 2017bankruptcy or receivership▼ BadMajor
On April 14, 2017 the bankruptcy court confirmed the Second Amended Joint Plan. The 2021 and 2022 notes are cancelled for 98% of new shares plus an approx. $24.6M cash distribution that the requisite noteholders elected on March 25, 2017. All existing partnership interests are cancelled, and limited partners get a pro rata share of 2% of new shares, warrants for 8% of shares, and $1,250,000 in cash in total. This settles the earlier proposed unitholder terms; the plan is not yet effective, since the company gives no assurance on timing.
8 Mar 2017securities registration● Neutral
Amplify Energy Holdings LLC amended its automatic shelf registration statement.
8 Mar 2017securities registration● Neutral
Amplify Energy Holdings LLC amended an already-effective registration statement.
8 Mar 2017securities registration● Neutral
Amplify Energy Holdings LLC amended an already-effective registration statement.
8 Mar 2017securities registration● Neutral
Amplify Energy Holdings LLC amended an already-effective registration statement.
28 Feb 2017director interest notice● Neutral
Matthew Hoss became a Amplify Energy Holdings LLC VP, Accounting and company insider (initial ownership filing).
23 Jan 2017listing compliance notice▼ BadMajor
On Jan 17, 2017 NASDAQ told the partnership its common units will be delisted because of the Chapter 11 filing; trading would be suspended at the open on Jan 26, 2017 unless the partnership appeals. The partnership says it currently intends to request an appeal. This adds to the earlier Dec 2016 below-$1.00 bid notice.
17 Jan 2017bankruptcy or receivership▼ BadMajor
On Jan 16, 2017 the partnership and certain subsidiaries filed voluntary Chapter 11 petitions in the Southern District of Texas, as the Dec 2016 and Jan 2017 plan support agreements anticipated. The filing accelerated the revolving credit facility and both note indentures, though enforcement is automatically stayed. Operations are expected to continue without interruption, the court has not yet approved the disclosure statement, and the filing warns unit prices may bear little or no relation to eventual recovery.
17 Jan 2017material agreement▼ BadMajor
On Jan 13, 2017 the partnership signed a second Plan Support Agreement, with lenders holding 100% of the revolver loans, on terms similar to the noteholder deal; about 67% of the notes are now party to the noteholder agreement. Revolver lenders would receive accrued interest in cash and a share of a new exit credit facility, and the partnership agreed not to file Chapter 11 until it terminates certain swaps and uses the proceeds to repay revolver loans. The revolver waiver was extended only to Jan 16, 2017, and Chapter 11 is still expected to begin by then. This continues the Dec 22 restructuring plan and does not change the unitholder terms disclosed there.
10 Jan 2017director interest notice● Neutral
Amplify Energy Holdings LLC SVP and COO Christopher S. Cooper had 3,699 shares withheld for taxes on vesting stock.
23 Dec 2016material agreement▼ BadMajor
On Dec 22, 2016 the partnership signed a Plan Support Agreement with holders of over 50.2% of its 2021 and 2022 notes for a Chapter 11 restructuring, expected to start by Jan 16, 2017. The notes would be cancelled and noteholders would get 98% of the new shares; existing unitholders would share 2% of the new shares plus five-year warrants for 8% of the shares (both subject to dilution), and a new corporation would succeed the partnership. This resolves the open question on unitholder treatment in the proposed plan, which still needs court approval and has not been confirmed. The filing also warns that trading prices may bear little or no relation to eventual recovery.
19 Dec 2016listing compliance notice▼ BadMajor
Revolver lenders extended the waiver to Jan 13, 2017 (from Dec 16), and the partnership agreed to liquidate at least $200 million of commodity derivatives and use the net cash to repay revolver borrowings, with a matching cut in lender commitments. Noteholders likewise extended their forbearance to Jan 13, 2017. Separately, NASDAQ notified the partnership on Dec 13, 2016 that the units closed below $1.00 for 30 consecutive business days; it has until June 12, 2017 to regain compliance (10 straight business days at $1.00 or more), and trading is unaffected for now.
8 Dec 2016material agreement● Neutral
On Dec 7, 2016 the partnership and the holders of 51.7% of its 2021 notes and 69% of its 2022 notes agreed to extend their promise not to enforce remedies for the missed ~$24.6 million Nov 1 interest payment, from Dec 7 to Dec 16, 2016. Talks with lenders and a noteholder steering committee on strategic alternatives continue, and the filing gives no outcome for unitholders; this continues the Dec 1 forbearance thread.
1 Dec 2016material agreement▼ BadMajor
The partnership skipped the roughly $24.6 million interest payment due Nov 1, 2016 on its 7.625% 2021 notes, which has now run past the 30-day grace period and is an event of default. On Nov 30 holders of 51.7% of the 2021 notes and 69% of the 2022 notes agreed not to enforce remedies until Dec 7, 2016, and revolver lenders extended their waiver from Nov 30 to Dec 16. The company says it is in talks with lenders and a noteholder steering committee on strategic alternatives to strengthen its balance sheet (advisers: Perella Weinberg and Weil Gotshal). This escalates the debt pressure and the filing gives no outcome for unitholders yet. It also sits oddly with the earlier May 2016 plan to fund the general partner purchase on the revolver, and the filing does not say whether that deal closed.
2 Nov 2016quarterly activities report▼ Bad
Amplify Energy Holdings LLC reported a quarterly net loss of $32.9 million for the period ended 2016-09-30.
3 Aug 2016quarterly activities report▼ Bad
Amplify Energy Holdings LLC reported a quarterly net loss of $147.6 million for the period ended 2016-06-30.
3 Aug 2016quarterly activities report▼ Bad
Amplify Energy Holdings LLC reported a quarterly net loss of $147.6 million for the period ended 2016-06-30.
18 July 2016asset acquisition disposition● NeutralMajor
On July 14, 2016 the partnership sold certain Colorado and Wyoming assets to Urban Fund II, LP and Urban Oil and Gas Partners B-1, LP for about $18.1 million in cash, subject to post-closing adjustments. This follows the June 2016 Permian sale for about $37.4 million. The pro forma statements treat the proceeds as repaying debt, and together the two sales would cut long-term debt at March 31, 2016 from about $1,958 million to about $1,902 million.
5 July 2016director interest notice● Neutral
Amplify Energy Holdings LLC VP, Gen Counsel & Corp Sec. Jason M. Childress had 1,861 shares withheld for taxes on vesting stock.
20 June 2016asset acquisition disposition● NeutralMajor
On June 14, 2016 the partnership sold certain Permian Basin assets to Boaz Energy II, LLC for about $37.4 million in cash, subject to post-closing adjustments. The pro forma statements in the filing treat the proceeds as repaying long-term debt, reducing it from about $1,958 million to $1,921 million. Separately, the board granted phantom units (economic equivalents of common units) to six executives, led by 1,005,587 to CEO John Weinzierl and 670,391 to William Scarff, vesting in thirds over 2017-2019 and normally paid in cash.
16 June 2016director interest notice● Neutral
Amplify Energy Holdings LLC SVP and COO Christopher S. Cooper received a stock option grant for 558,659 shares.
16 June 2016director interest notice● Neutral
Amplify Energy Holdings LLC VP, Accounting Matthew Hoss received a stock option grant for 139,665 shares.
16 June 2016director interest notice● Neutral
Amplify Energy Holdings LLC President William J Scarff received a stock option grant for 670,391 shares.
16 June 2016director interest notice● Neutral
Amplify Energy Holdings LLC CEO and Chairman John A Weinzierl received a stock option grant for 1,005,587 shares.
16 June 2016director interest notice● Neutral
Amplify Energy Holdings LLC VP, Gen Counsel & Corp Sec. Jason M. Childress received a stock option grant for 335,196 shares.
16 June 2016director interest notice● Neutral
Amplify Energy Holdings LLC VP & Chief Financial Officer Robert L. Stillwell Jr. received a stock option grant for 363,128 shares.
8 June 2016director interest notice● Neutral
Matthew Hoss became a Amplify Energy Holdings LLC VP, Accounting and company insider (initial ownership filing).
1 June 2016director interest notice● Neutral
Amplify Energy Holdings LLC Former VP&Chief Acct. Officer Dennis G Venghaus had 3,098 shares withheld for taxes on vesting stock.
1 June 2016director interest notice● Neutral
Amplify Energy Holdings LLC SVP and COO Christopher S. Cooper had 2,289 shares withheld for taxes on vesting stock.