1 Sept 2016listing compliance notice▼ BadMajor
QUICKSILVER RESOURCES INC terminated the registration of a class of securities, ending its reporting obligation for them.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
1 Sept 2016bankruptcy or receivership▼ BadMajor
Quicksilver's plan of liquidation became effective: all its common stock and remaining notes (the 2016 subordinated, 2019 and 2021 notes) were cancelled with equity holders getting nothing, and the company moved to deregister with the SEC and stop filing reports entirely -- the final chapter for a company that had been one of the biggest bets on the Barnett Shale boom a decade earlier.
22 Aug 2016bankruptcy or receivership▼ BadMajor
The bankruptcy court confirmed Quicksilver's plan of liquidation: a trustee would take over remaining assets, wind down the estates, and pay creditors by priority -- first-lien claims in full, second-lien and unsecured claims pro rata, and common stock (182.5 million shares) and subordinated notes getting nothing. The stock kept trading on OTC Pink, but the company warned it now reflected no real asset value.
2 June 2016director interest notice● Neutral
QUICKSILVER RESOURCES INC VP - Chief Accounting Officer Romy M Massey had 10,348 shares withheld for taxes on vesting stock.
2 June 2016director interest notice● Neutral
QUICKSILVER RESOURCES INC Senior VP, CFO and Treasurer Vanessa Gomez Lagatta had 39,052 shares withheld for taxes on vesting stock.
12 Apr 2016asset acquisition disposition▼ BadMajor
Quicksilver closed the BlueStone sale, transferring substantially all its remaining U.S. oil and gas assets (Barnett Shale and Permian/Delaware Basin acreage) for about $236 million cash after a small price cut -- Quicksilver effectively ceased to be an operating company.
14 Mar 2016bankruptcy or receivership▼ BadMajor
Quicksilver's Canadian subsidiaries filed for creditor protection under Canada's CCAA and were deconsolidated from the parent's books; auditor Ernst & Young resigned as Quicksilver prepared to stop filing 10-Ks and 10-Qs altogether. E&Y disclosed its March 2015 opinion on the 2014 financials had already carried a going-concern qualification, and flagged unresolved material weaknesses in deferred-tax accounting and reserves estimation -- the audit relationship wound down alongside the business itself.
14 Mar 2016financial restatement▼ Bad
Quicksilver restated its Q3 2015 results again, after finding understated costs in its reserve report had understated the required non-cash impairment by $61.8 million -- one more accounting correction in a company already being wound down.
22 Feb 2016material agreement▼ Bad
Quicksilver's Canadian lenders extended forbearance a fifth time, to April 1, 2016, now also conditioned on compliance with the BlueStone sale order -- forbearance and the asset sale had become tightly linked.
12 Feb 2016substantial holder notice● Neutral
Mount Kellett Capital Management LP, Fortress MK Advisors LLC, FIG LLC, Fortress Operating Entity I LP, FIG Corp, Fortress Investment Group LLC reported no remaining QUICKSILVER RESOURCES INC shareholding in its periodic institutional filing.
28 Jan 2016material agreement▼ BadMajor
After a bankruptcy-court-supervised auction, Quicksilver agreed to sell substantially all of its remaining U.S. oil and gas assets to BlueStone Natural Resources for $245 million, with Barnett Shale Gas LLC as backup bidder -- the liquidation of the operating business itself, with the company warning existing shareholders would get nothing.
15 Dec 2015material agreement▼ Bad
Quicksilver's Canadian lenders extended their forbearance a fourth time, to mid-February 2016, as the bankruptcy case dragged on with no resolution yet in sight.
30 Oct 2015quarterly activities report▼ Bad
QUICKSILVER RESOURCES INC reported quarterly revenue of $59.0 million and a net loss of $184.2 million for the period ended 2015-09-30.
18 Sept 2015material agreement▼ BadMajor
Six months into the bankruptcy, Quicksilver's Canadian lenders extended their forbearance again (to mid-December) and the company began a court-supervised sale process for substantially all its U.S. and Canadian assets under Bankruptcy Code Section 363 -- reorganization giving way to liquidation of the business.
10 Aug 2015quarterly activities report▼ Bad
QUICKSILVER RESOURCES INC reported quarterly revenue of $59.0 million and a net loss of $184.2 million for the period ended 2015-09-30.
7 Aug 2015substantial holder notice● Neutral
Mount Kellett Capital Management LP, Fortress MK Advisors LLC, FIG LLC, Fortress Operating Entity I LP, FIG Corp, Fortress Investment Group LLC reported a QUICKSILVER RESOURCES INC shareholding of 10,177,797 shares (5.60% of votes) in a periodic institutional filing.
18 May 2015quarterly activities report▼ Bad
QUICKSILVER RESOURCES INC reported quarterly revenue of $63.4 million and a net loss of $171.8 million for the period ended 2015-06-30.
12 May 2015late filing notice▼ Bad
QUICKSILVER RESOURCES INC notified the SEC that its quarterly report would be filed late.
17 Mar 2015late filing notice▼ Bad
QUICKSILVER RESOURCES INC notified the SEC that its annual report would be filed late.
17 Mar 2015bankruptcy or receivership▼ BadMajor
Quicksilver and 12 subsidiaries filed for Chapter 11 in Delaware after months of restructuring talks with its second-lien lenders and noteholders, immediately accelerating essentially all its debt: $137 million on the U.S. revolver, $98 million on the Canadian revolver, $625 million on the second-lien term loan, $200 million of second-lien notes, $298 million of 2019 notes, $325 million of 2021 notes and $350 million of subordinated notes due 2016 -- over $2 billion combined. Lenders agreed to forbear on related Canadian defaults through mid-June while the case proceeded; the company warned shareholders they could be wiped out entirely.
19 Feb 2015listing compliance notice● NeutralMajor
QUICKSILVER RESOURCES INC's exchange filed to remove a class of its securities from listing.
17 Feb 2015substantial holder notice● Neutral
SPO Partners II, L.P, SPO Advisory Partners, L.P, San Francisco Partners, L.P, SF Advisory Partners, L.P, SPO Advisory Corp, John H. Scully, Edward H. McDermott, Eli J. Weinberg reported a QUICKSILVER RESOURCES INC shareholding of 19,900 shares (0.10% of votes) in a periodic institutional filing.
8 Jan 2015listing compliance notice▼ BadMajor
The NYSE moved to delist Quicksilver's stock immediately over its collapsed share price; Quicksilver didn't appeal, and its shares began trading over-the-counter under "KWKA" -- the market's verdict rendered two months before the bankruptcy filing.
16 Dec 2014substantial holder notice● Neutral
Thomas F. Darden, Jr reported a QUICKSILVER RESOURCES INC shareholding of 36,718,003 shares (20.20% of votes) in a periodic institutional filing.
10 Nov 2014quarterly activities report● Neutral
QUICKSILVER RESOURCES INC reported quarterly revenue of $163.5 million and net income of $23.8 million for the period ended 2014-09-30.
10 Nov 2014quarterly activities report● Neutral
QUICKSILVER RESOURCES INC reported quarterly revenue of $163.5 million and net income of $23.8 million for the period ended 2014-09-30.
9 Oct 2014listing compliance notice▼ BadMajor
The NYSE warned Quicksilver its stock had traded below the $1.00 minimum average price required for continued listing -- the market pricing in serious doubt about the company's survival.
7 Oct 2014substantial holder notice● Neutral
Thomas F. Darden, Jr disclosed a new substantial QUICKSILVER RESOURCES INC shareholding (22.50% of votes).
7 Oct 2014substantial holder notice● Neutral
Quicksilver Energy, L.P, Pennsylvania Management, LLC, Glenn Darden, Anne Darden Self reported a QUICKSILVER RESOURCES INC shareholding of 40,153,530 shares (22.20% of votes) in a periodic institutional filing.
1 Oct 2014securities registration● Neutral
QUICKSILVER RESOURCES INC amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.