18 July 2016material agreement▼ Bad
Extended the deadline under its April 2016 noteholder settlement agreement while the Chapter 11 case proceeded -- routine bankruptcy-process housekeeping.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
10 June 2016listing compliance notice● NeutralMajor
Pressburg, LLC's exchange filed to remove a class of its securities from listing.
12 May 2016quarterly activities report▼ Bad
Pressburg, LLC reported quarterly revenue of $346.7 million and a net loss of $1347.7 million for the period ended 2016-03-31.
11 May 2016bankruptcy or receivership▼ BadMajor
Filed for Chapter 11 bankruptcy protection jointly with LinnCo and Berry Petroleum in the Southern District of Texas, after negotiating a restructuring support agreement with creditors holding at least two-thirds of its credit facility debt -- the culmination of the debt-funded growth strategy meeting the 2015-16 oil price crash.
29 Apr 2016director interest notice● Neutral
Pressburg, LLC SVP - Corporate Services Thomas E Emmons disposed of 49,083 shares via option/appreciation-right settlement.
29 Apr 2016director interest notice● Neutral
Pressburg, LLC director David D Dunlap disposed of 25,396 shares via option/appreciation-right settlement.
29 Apr 2016director interest notice● Neutral
Pressburg, LLC director Stephen J Hadden disposed of 10,782 shares via option/appreciation-right settlement.
29 Apr 2016director interest notice● Neutral
Pressburg, LLC EVP and CFO David B. Rottino disposed of 178,283 shares via option/appreciation-right settlement.
29 Apr 2016director interest notice● Neutral
Pressburg, LLC President and CEO Mark E Ellis disposed of 475,974 shares via option/appreciation-right settlement.
29 Apr 2016director interest notice● Neutral
Pressburg, LLC director Joseph P Mccoy disposed of 27,441 shares via option/appreciation-right settlement.
29 Apr 2016director interest notice● Neutral
Pressburg, LLC EVP and COO Arden Walker Jr. disposed of 269,039 shares via option/appreciation-right settlement.
29 Apr 2016director interest notice● Neutral
Pressburg, LLC director Jeffrey C Swoveland disposed of 34,933 shares via option/appreciation-right settlement.
29 Apr 2016director interest notice● Neutral
Pressburg, LLC SVP - Houston Div Ops Jamin Mcneil disposed of 64,870 shares via option/appreciation-right settlement.
28 Apr 2016listing compliance notice▼ BadMajor
Received a Nasdaq notice that its units had traded below $1.00 for 30 straight days, risking delisting -- another marker of how far the stock had fallen from its 2011-12 highs.
28 Apr 2016director interest notice● Neutral
Pressburg, LLC director David D Dunlap disposed of 25,396 shares via option/appreciation-right settlement.
28 Apr 2016director interest notice● Neutral
Pressburg, LLC SVP - Gen Counsel & Corp Sec Candice J Wells acquired 23,522 shares and disposed of 23,522 in a set of related equity transactions.
15 Apr 2016debt financing▼ BadMajor
Amended its credit agreement to forestall defaults through May 11, 2016 and freeze the borrowing base while it negotiated a full restructuring support agreement with lenders -- the immediate precursor to bankruptcy.
5 Apr 2016material agreement▼ BadMajor
Settled with holders of the new 12% secured notes over a missed mortgage-recording deadline required by the November 2015 exchange, agreeing to complete the collateral filings -- restructuring mechanics tightening as 2016 began.
1 Mar 2016late filing notice▼ Bad
Pressburg, LLC notified the SEC that its annual report would be filed late.
23 Nov 2015debt financing▼ BadMajor
Completed the exchange: holders handed in about $2.0 billion of Linn's unsecured notes and took back roughly $1.0 billion of new 12% second-lien notes due 2020 - a distressed swap in which they accepted about half their principal, and the new notes still rank behind the Wells Fargo-led priority-lien facility.
17 Nov 2015material agreement▼ BadMajor
Entered exchange agreements to swap roughly $2.0 billion of existing unsecured notes for about $1.0 billion of new 12% senior secured second-lien notes due 2020 -- a distressed debt exchange that cut face-value debt by half but subordinated remaining unsecured creditors, a clear signal of financial distress.
5 Nov 2015quarterly activities report▼ Bad
Pressburg, LLC reported quarterly revenue of $839.4 million and a net loss of $1569.3 million for the period ended 2015-09-30.
5 Nov 2015quarterly activities report▼ Bad
Pressburg, LLC reported quarterly revenue of $839.4 million and a net loss of $1569.3 million for the period ended 2015-09-30.
27 Oct 2015quarterly activities report▼ Bad
Pressburg, LLC reported quarterly revenue of $839.4 million and a net loss of $1569.3 million for the period ended 2015-09-30.
22 Oct 2015debt financing▼ BadMajor
Reaffirmed its borrowing base at $4.05 billion for now, but disclosed it would automatically step down to $3.6 billion on January 1, 2016 -- a scheduled squeeze on liquidity as the oil price downturn deepened.
30 July 2015quarterly activities report▼ Bad
Pressburg, LLC reported quarterly revenue of $177.1 million and a net loss of $379.1 million for the period ended 2015-06-30.
30 July 2015quarterly activities report▼ Bad
Pressburg, LLC reported quarterly revenue of $177.1 million and a net loss of $379.1 million for the period ended 2015-06-30.
9 July 2015material agreement▼ BadMajor
Agreed to sell its remaining Howard County, Permian Basin position for about $281 million, continuing to shed assets to shore up liquidity as commodity prices fell.
7 July 2015material agreement● NeutralMajor
Brought in Quantum Energy Partners as a $1 billion equity-commitment partner in a new joint drilling vehicle (QL Energy I, LLC), giving Linn an off-balance-sheet way to fund development without further diluting unitholders or adding balance-sheet debt -- a sign it was already managing capital more defensively.
21 May 2015material agreement▼ BadMajor
Sold 16 million units at $11.79 -- roughly a third of the $35-38 prices Linn commanded in 2011-12 -- the collapsing oil price was now visibly hitting its cost of equity capital.