Past year: ▲ 0%(2.10c – 2.10c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
16 Jan 2001listing compliance notice▼ BadMajor
Petsec formally suspended its SEC reporting obligations, reporting exactly one holder of record - its parent, Petsec (U.S.A.) Inc. - closing out the company's life as a public debt reporting entity after the Chapter 11 asset sales.
5 Dec 2000bankruptcy or receivership▼ BadMajor
Following a November 21, 2000 bankruptcy court order, Petsec sold its remaining 50% interest in the same Gulf of Mexico leases to Apache Corporation for $51.2 million (effective October 1, 2000), giving Apache full ownership and completing the sale process outlined in the June 2000 creditors' term sheet.
19 June 2000other material event● NeutralMajor
Petsec reached an agreement in principle with the Official Committee of Unsecured Creditors and holders of the 9.5% Notes for an orderly, court-supervised sale of the company or its assets, engaging Houlihan Lokey Howard & Zukin as sale broker; sale proceeds would go first to creditors, with any residual to sole shareholder Petsec (U.S.A.) Inc.
20 Apr 2000bankruptcy or receivership▼ BadMajor
Petsec filed a voluntary Chapter 11 petition on April 13, 2000 (Western District of Louisiana; In re Petsec Energy Inc., No. 00BK-50741), continuing to operate as debtor-in-possession; a bondholder subcommittee was pushing for a sale of the company or its assets, with proceeds split between creditors and a proposed carve-out for management and parent Petsec (U.S.A.) Inc. Parent Petsec Energy Ltd's ADRs, formerly on the NYSE, now traded only over-the-counter.
30 Mar 2000annual report▼ BadMajor
The FY1999 10-K405 showed the net loss narrowing to $29.5 million, but total assets nearly halved to $93.5 million and the equity deficit deepened to $71.3 million; the filing disclosed that Petsec had missed an October 29, 1999 $3.2 million principal payment on its Chase-led revolving credit facility, triggering a cross-default on the 9.5% Notes, which were reclassified as current liabilities.
15 Feb 2000other material event▼ BadMajor
Petsec signed a new $30 million secured credit facility with Foothill Capital Corp on January 18, 2000 - one that explicitly bars it from paying interest on its $100 million Notes - using part of the proceeds to retire its Chase Manhattan/Bank of America/Credit Lyonnais debt; the next day, management confirmed it had missed the December 15, 1999 interest payment on the Notes and was negotiating alternatives with a bondholder steering committee.
15 Nov 1999quarterly activities report▼ BadMajor
Disclosed it was in default under its bank credit facility (a default that also cross-defaulted the $100 million 9.5% Notes' indenture) and was considering Chapter 11 reorganization - the first public sign of the credit crisis that culminated in Petsec's April 2000 bankruptcy filing; the quarter's own net loss was $3.8 million ($14.5 million for the first nine months of 1999).
31 Mar 1999annual report▼ BadMajor
The FY1998 10-K405 showed a dramatic reversal: a $91.3 million net loss (versus $13.1 million net income the year before), driven mainly by a $96.9 million operating loss; shareholder's equity swung to a $42.1 million deficit and bank credit facility borrowings rose to $74 million.
12 Feb 1999asset acquisition disposition▲ GoodMajor
The Apache sale closed February 1, 1999 for approximately $68.3 million cash, transferring a 50% interest in the mineral rights and related facilities across 23 Gulf of Mexico leases.
21 Jan 1999other material event▲ GoodMajor
Petsec and Apache signed the definitive purchase and sale agreement for the previously announced 50% Gulf of Mexico properties deal, still subject to due diligence ahead of the targeted February 1, 1999 closing.
11 Jan 1999other material event▲ GoodMajor
Petsec agreed by letter with Apache Corporation to sell 50% of its working interests in certain Gulf of Mexico properties for $68.5 million cash, effective January 1, 1999, with closing targeted for February 1, 1999 subject to due diligence and definitive agreements.
1 May 1998other material event▲ Good
Parent Petsec Energy Ltd received New York Stock Exchange approval to list its American Depositary Receipts, with trading expected to begin May 18, 1998, adding to its existing Australian Stock Exchange and Nasdaq listings.
31 Mar 1998annual report▲ GoodMajor
The FY1997 10-K405 reported net income of $13.1 million, up from $8.9 million in 1996; total assets grew to $234.1 million and total long-term debt to $136.9 million following the new $100 million note issuance.
17 Oct 1997debt financing● Neutral
The exchange offer for the $100 million 9.5% Notes became effective, with tendering noteholders given until November 20, 1997 to swap their unregistered notes for registered ones.
8 Oct 1997debt financing● Neutral
A further amendment to the same note exchange-offer registration ahead of it becoming effective.
11 Sept 1997debt financing● Neutral
An amendment to the same $100 million note exchange-offer registration.
18 July 1997debt financing● NeutralMajor
Petsec Energy Inc. (the Lafayette, LA-based Gulf of Mexico driller and principal US operating subsidiary of Australian-listed Petsec Energy Ltd) registered an offer to exchange its privately placed $100 million of 9.5% Senior Subordinated Notes due 2007 - sold June 13, 1997 for $96.6 million net, used mainly to repay its bank credit facility - for freely tradable registered notes on identical terms; this is a routine debt-registration exchange, not an acquisition.
