17 Oct 2019listing compliance notice▼ BadMajor
Grizzly Energy, LLC deregistered its securities, ending its obligation to file reports with the SEC.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
17 July 2019capital raising announcement● NeutralMajor
Completed its second bankruptcy emergence on July 16, 2019, converting to a Delaware LLC and renaming itself Grizzly Energy, LLC, with a new $65 million exit credit facility from Citibank - the entity that now carries this company's SEC filing history forward, no longer publicly traded.
17 July 2019listing compliance notice▼ BadMajor
Grizzly Energy, LLC deregistered its securities, ending its obligation to file reports with the SEC.
10 July 2019bankruptcy or receivership● NeutralMajor
Bankruptcy court confirmed its reorganization plan; the company announced that upon emergence it would convert from a Delaware corporation into a Delaware LLC renamed Grizzly Energy, LLC - the identity this company's SEC record now carries forward under.
9 July 2019material agreement● Neutral
Widened support for its restructuring plan to include holders of its second-lien notes, adding their backing to the bank lenders already on board.
13 May 2019material agreement● NeutralMajor
Reached a Plan Support Agreement with lenders holding most of its revolving-credit and term-loan claims, agreeing to convert their debt into new common and preferred stock of the reorganized company - the second debt-for-equity swap in three years.
3 May 2019material agreement● Neutral
Amended its debtor-in-possession credit agreement to add new lenders to the bank group funding it through the second bankruptcy case.
5 Apr 2019bankruptcy or receivership● Neutral
Won a bankruptcy court order restricting large trades and worthlessness declarations in its common stock, a standard step to protect the company's tax-loss carryforwards during the case.
4 Apr 2019listing compliance notice▼ Bad
OTC Markets downgraded its common stock and warrants from the OTCQX tier to OTC Pink as an automatic consequence of the new bankruptcy filing.
1 Apr 2019bankruptcy or receivership▼ BadMajor
Filed for Chapter 11 bankruptcy a second time, less than two years after emerging from its first, and arranged $65 million of debtor-in-possession financing from Citibank to fund operations through the case.
19 Feb 2019listing compliance notice▼ Bad
Received a second OTC Markets deficiency notice, this time because its common stock's market capitalization fell below the $5 million minimum required for its OTCQX tier.
5 Feb 2019listing compliance notice▼ Bad
Received an OTC Markets deficiency notice after its warrants failed to maintain a $0.10 minimum bid price, with until July 2019 to cure it.
31 Dec 2018debt financing▼ Bad
Drew down the last $17.1 million available under its credit facility, fully using its remaining capacity and leaving a cash balance of about $31 million.
10 Dec 2018material agreement▼ BadMajor
Borrowing base cut again to $682.4 million, leaving only about $21 million of liquidity; the company said it was pursuing property sales and exploring refinancing or restructuring options - distress signals barely a year after emerging from its first bankruptcy.
9 July 2018material agreement▼ Bad
As the reorganized Vanguard Natural Resources, Inc. (post-bankruptcy, converted from the old LLC), had its post-emergence credit facility borrowing base trimmed to $729.7 million from $765.2 million - the first Chapter 11 hadn't relieved balance-sheet pressure for long.
18 Aug 2017listing compliance notice▼ BadMajor
Grizzly Energy, LLC deregistered its securities, ending its obligation to file reports with the SEC.
19 July 2017bankruptcy or receivership● NeutralMajor
Bankruptcy court confirmed its first reorganization plan on July 18, 2017, targeting August 1, 2017 as the effective date for emerging as a Delaware corporation renamed Vanguard Natural Resources, Inc. - the plan cut long-term debt via a $255.75 million rights offering and full recovery for existing lenders.
8 June 2017bankruptcy or receivership● Neutral
Bankruptcy court approved its disclosure statement and set procedures for creditors to vote on the reorganization plan, moving the Chapter 11 case toward a confirmation hearing.
24 Mar 2017material agreement● Neutral
Agreed to sell Glasscock County, Texas oil and gas properties to OXY USA for about $78.3 million as part of the bankruptcy asset-sale process, subject to a court-supervised auction for potentially higher bids.
14 Mar 2017listing compliance notice● NeutralMajor
Grizzly Energy, LLC's exchange filed to remove a class of its securities from listing.
2 Mar 2017material agreement● NeutralMajor
Lined up $255.75 million of new equity financing for its reorganization plan, backstopped by senior noteholders through a rights offering - the money needed to fund its exit from bankruptcy.
3 Feb 2017listing compliance notice▼ Bad
NASDAQ moved to delist its common and preferred units as an automatic consequence of the bankruptcy filing; the company didn't plan to appeal and expected to trade on the OTC Pink market instead.
2 Feb 2017bankruptcy or receivership▼ BadMajor
Filed for Chapter 11 bankruptcy with its subsidiaries, having pre-negotiated a restructuring support agreement with noteholders to convert senior and second-lien notes into equity in a reorganized company - the acquisition-fueled growth of the previous decade had run into oil prices low enough to break it.
14 Nov 2016listing compliance notice▼ Bad
Received a NASDAQ deficiency notice after its units traded below $1.00 for 30 straight days, with until May 2017 to regain compliance - the unit price collapse was now a listing problem too.
26 Oct 2016material agreement▼ BadMajor
Got a further waiver after also skipping interest on its 2019 notes, but the waiver would void itself if the original 2020 notes payment weren't made by October 31 - and lenders had already signaled another borrowing-base cut, to $1.1 billion, was coming.
3 Oct 2016material agreement▼ BadMajor
Elected not to make a roughly $15 million interest payment on its 2020 senior notes, instead using the 30-day grace period, while bank lenders agreed the missed payment wouldn't itself trigger a default under the credit facility - the balance sheet was now visibly straining.
27 May 2016material agreement▼ BadMajor
Had its borrowing base cut again, to $1.325 billion from $1.8 billion, and agreed to a new default trigger: falling below $50 million of liquidity after making bond interest payments would itself become an event of default - a sign lenders were bracing for a cash crunch.
30 Mar 2016material agreement▼ BadMajor
Agreed to sell its SCOOP/STACK gas assets in Oklahoma for $280 million - its first major divestment after a decade of buying, now shedding properties to raise cash and cut debt.
17 Feb 2016debt financing▼ BadMajor
Exchanged $168.2 million of its 7.875% senior notes for just $75.6 million of new second-lien notes - retiring debt at a steep discount to face value, a signal the market already doubted the old bonds would be paid in full.
12 Nov 2015material agreement● Neutral
Had its borrowing base reaffirmed at $1.8 billion and gained room to issue up to $300 million of junior-lien debt, a small reprieve after June's cut.