13 Feb 2009substantial holder notice● Neutral
Chilton Investment Company, LLC reported a BPI Energy Holdings, Inc. shareholding of 3,560,778 shares (4.90% of votes) in a periodic institutional filing.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
5 Feb 2009bankruptcy or receivership▼ BadMajor
On February 3, 2009 the parent and its subsidiary BPI Energy, Inc. filed voluntary Chapter 11 bankruptcy petitions in the U.S. Bankruptcy Court for the Northern District of Ohio. They continue to run their businesses as debtors in possession. This follows the GasRock forbearance, which ran to January 30, 2009, and the delisting. The filing says nothing about what happens to shareholders' shares.
13 Jan 2009listing compliance notice● NeutralMajor
BPI Energy Holdings, Inc.'s exchange filed to remove a class of its securities from listing.
16 Dec 2008late filing notice▼ Bad
BPI Energy Holdings, Inc. notified the SEC that its quarterly report would be filed late.
2 Dec 2008listing compliance notice▼ BadMajor
The company chose not to appeal the NYSE Alternext delisting decision, and suspension of trading of its common stock became final on November 28, 2008. This resolves the delisting threat announced November 18, and the shares no longer trade on that exchange.
18 Nov 2008listing compliance notice▼ BadMajor
On November 17, 2008 NYSE Alternext US (formerly the American Stock Exchange) said it intends to delist the company's common stock. It cited substantial losses and an impaired financial condition, the company's October 30, 2008 press release saying it is insolvent, and the stock being, in the exchange's view, without value at its current price, along with the company's failure to file its annual report for the year ended July 31, 2008 on time. The company is weighing an appeal and a hearing, with a November 24, 2008 deadline, and warns that continued listing may not be granted. This escalates the earlier 2007 listing warning.
30 Oct 2008late filing notice▼ Bad
BPI Energy Holdings, Inc. notified the SEC that its annual report would be filed late.
26 Sept 2008material agreement▼ BadMajor
On September 23, 2008 GasRock agreed to hold off enforcing what it claims are four covenant breaches under the credit agreement, plus possible further breaches, until January 30, 2009 (March 31, 2009 if no new breaches occur and a repayment agreement acceptable to GasRock is signed beforehand). In return, GasRock got a security interest in the June 18, 2008 Western Fuels of Illinois leases and a $200,000 fee added to the debt, and any proceeds from the company's litigation with Drummond Coal affiliates must go to the debt after legal fees. About $12.4 million is outstanding, all due January 30, 2009, and the cash part of interest is cut to 4% until then, with the rest added to principal. This continues the GasRock loan and shows the company was in breach of its terms, including a requirement to keep current assets above current liabilities.
14 Feb 2008substantial holder notice● Neutral
Chilton Investment Company, LLC disclosed a new substantial BPI Energy Holdings, Inc. shareholding (5.40% of votes).
4 Dec 2007debt financing● NeutralMajor
On November 29, 2007 the GasRock credit agreement was amended. The borrowing window and the due date for amounts owed moved from July 25, 2008 to January 30, 2009, GasRock's optional extension date moved from July 29, 2011 to January 30, 2013, and the initial commitment rose from $10.2 million to $10.7 million. The filing says only the $9.1 million drawn in July 2007 had been received from the initial commitment.
9 Oct 2007listing compliance notice▼ Bad
On October 3, 2007 the American Stock Exchange sent a warning letter because the company's audit committee had only two independent directors, one short of the required three, after William J. Centa resigned from the board on September 13, 2007. The company has until January 3, 2008 to appoint a third and says it has begun searching. This is a warning, not a delisting.
2 Aug 2007debt financing● NeutralMajor
On July 27, 2007 the operating subsidiary BPI Energy signed a credit agreement with GasRock Capital LLC: an initial $10.2 million commitment, plus up to $64.8 million more that GasRock may lend at its own discretion. It drew $9.1 million (about $8.8 million net of GasRock's fees and expenses). Interest is the greater of 15% or LIBOR plus 9% for the first year, with the principal due July 25, 2008 unless GasRock extends it. The loan is secured by substantially all of the subsidiary's assets, including its Southern Illinois Basin wells and CBM rights, and is guaranteed by the parent. GasRock also received a 1% royalty on CBM from existing leased and owned properties and an extra 4% royalty on existing Southern Illinois Basin wells. The company must also hedge: a 23-month collar with BP Corporation North America on 460,000 mmbtu, with a $7.00 floor and $11.00 cap per mmbtu. This is the company's first debt facility in this history.
3 Jan 2007securities registration● Neutral
BPI Energy Holdings, Inc. amended an already-effective registration statement.
3 Jan 2007securities registration● Neutral
BPI Energy Holdings, Inc. amended an already-effective registration statement.
19 Dec 2006securities registration● Neutral
BPI Energy Holdings, Inc. filed the final prospectus for a registered offering.
19 Dec 2006securities registration● Neutral
BPI Energy Holdings, Inc. filed the final prospectus for a registered offering.
3 Nov 2006securities registration● Neutral
BPI Energy Holdings, Inc. filed the final prospectus for a registered offering.
3 Nov 2006securities registration● Neutral
BPI Energy Holdings, Inc. filed the final prospectus for a registered offering.
27 June 2006material agreement termination● NeutralMajor
On June 23, 2006 the company's subsidiary signed the formal settlement with Colt LLC, AFC, American Premier Underwriters and Central States, finalising the June 13 memorandum. It paid Colt $3,000,000, acknowledged the April 3, 2001 lease had lapsed, received a quitclaim deed, and bought the coalbed methane estate on about 10,000 of the 43,000 acres, which includes all currently producing wells and proved reserves at the project. Colt may buy any wells on that land at fair market value and must plug them; the old lease and its royalty obligations are terminated.
16 June 2006securities registration● Neutral
BPI Energy Holdings, Inc. filed the final prospectus for a registered offering.
16 June 2006securities registration● Neutral
BPI Energy Holdings, Inc. filed the final prospectus for a registered offering.
15 June 2006material agreement● NeutralMajor
On June 13, 2006 the company reached a settlement memorandum of understanding with Colt LLC, AFC Coal Properties, American Premier Underwriters and Central States Coal Reserves of Illinois, ending the lawsuit it filed March 15, 2006 over the Southern Illinois Basin Project. It will pay Colt $3,000,000, give up its interest in the lease, and take ownership of the coalbed methane estate on about 10,000 of the 43,000 acres, including all currently producing wells and proved reserves there, and no longer owe the lease royalties (15% of gross sales, minimum $42,000 a month). A formal agreement was expected within 30 days. The filing also notes a press release on third-quarter results (quarter ended April 30, 2006), with no figures given in the text.
11 May 2006securities registration● Neutral
BPI Energy Holdings, Inc. amended an already-effective registration statement.
11 May 2006securities registration● Neutral
BPI Energy Holdings, Inc. amended an already-effective registration statement.
28 Apr 2006material agreement▲ GoodMajor
On April 26, 2006 the company signed two 20-year coalbed methane leases in Illinois: about 100,000 acres with IEC (Montgomery), LLC (royalty 6.25% until May 1, 2011, then 6.25% to 12.5% depending on price) and about 12,000 acres with Christian Coal Holdings, LLC (12.5% royalty). This adds to its Illinois Basin acreage position.
14 Apr 2006director interest notice● Neutral
BPI Energy Holdings, Inc. director David E Preng received 140,000 shares as part of the equity award.
7 Apr 2006securities registration● Neutral
BPI Energy Holdings, Inc. filed the final prospectus for a registered offering.
7 Apr 2006securities registration● Neutral
BPI Energy Holdings, Inc. filed the final prospectus for a registered offering.
7 Apr 2006securities registration● Neutral
BPI Energy Holdings, Inc. filed the final prospectus for a registered offering.
7 Apr 2006securities registration● Neutral
BPI Energy Holdings, Inc. filed the final prospectus for a registered offering.