5 Apr 2006material agreement● Neutral
Quicksilver adopted a 2006 Executive Bonus Program tying named-executive bonuses (up to 150% of base pay) to earnings per share, cash flow, and production/reserve growth -- routine incentive-plan administration.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
14 Mar 2006material agreement● NeutralMajor
Quicksilver sold $350 million of 7.125% Senior Subordinated Notes due 2016, with proceeds used to pay down its revolving credit facility -- a major capital-markets refinancing during the growth years that fixed a large debt maturity for 2016, the same year the company would eventually file for bankruptcy.
22 Feb 2006material agreement● Neutral
Quicksilver amended its non-employee director equity plan to reflect a 2005 stock split and clarify vesting and tax-code compliance -- routine plan administration.
1 Feb 2006material agreement● Neutral
Quicksilver's compensation committee paid 2005 cash bonuses to its named executives, including $300,000 each to co-founders Thomas and Glenn Darden -- routine executive comp, tied to reserve and production growth targets.
31 Jan 2006production update● Neutral
Quicksilver reported year-end 2005 proved reserves and set its 2006 capital budget, with an operational update on its Barnett Shale (Fort Worth) and Canadian coal-bed methane projects -- a routine annual reserves/budget disclosure during the pre-crash growth phase.
19 Jan 2006material agreement● Neutral
Lenders removed a restriction on Quicksilver repaying other debt and clarified conversion mechanics on its convertible notes -- another routine amendment in the ongoing series loosening its credit terms.
1 Dec 2005material agreement● Neutral
Quicksilver expanded its credit lines again -- $150 million more senior-debt capacity under the Note Purchase Agreement, plus $200 million more availability and $170 million more other-debt headroom under the Combined Credit Agreements -- continuing to lever up for growth during the gas boom.
26 Sept 2005material agreement● Neutral
Quicksilver settled with departing VP of Operations Mark Whitley for a $200,000 severance payment -- a routine executive exit, not a distress signal at this stage.
26 Aug 2005material agreement● Neutral
Quicksilver adopted standard director-and-officer indemnification agreements -- routine governance housekeeping.
28 June 2005material agreement● Neutral
Quicksilver and Canadian affiliate MGV Energy again expanded their syndicated credit facilities, adding $200 million of permitted debt capacity and cutting the floating note rate -- another in the run of covenant amendments giving the company room to keep growing through the mid-2000s gas boom.
18 May 2005material agreement● Neutral
Shareholders approved switching non-employee director pay from stock options to restricted stock grants -- routine compensation-plan administration.
19 Apr 2005material agreement● Neutral
Quicksilver loosened its Note Purchase Agreement's debt and investment limits (the Fourth Amendment), giving itself more room to borrow and invest, alongside routine stock-plan admin updates -- expansion-era balance-sheet flexibility, not distress.
13 Apr 2005material agreement● Neutral
Quicksilver raised its non-employee director annual fee to $120,000, to be paid partly in stock depending on shareholder approval of related plan amendments -- routine governance, not a business event.