WARREN RESOURCES INC

28 Apr 2017listing compliance notice▼ BadMajor

WARREN RESOURCES INC terminated the registration of a class of securities, ending its reporting obligation for them.

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20 Sept 2016bankruptcy or receivership▼ BadMajor

On September 14, 2016 the bankruptcy court confirmed Warren's Chapter 11 plan, with emergence expected on or about September 30, 2016. On the effective date all common and preferred stock and all options and warrants will be cancelled and holders get no distribution, while first lien lenders take 82.5% of the new equity and second lien lenders and unsecured noteholders share 17.5%. This resolves the bankruptcy and restructuring threads; as of August 31, 2016 Warren reported total assets of about $185.5 million against liabilities of about $564.1 million (unaudited), with 85,253,929 shares outstanding on September 14.

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1 Aug 2016listing compliance notice● NeutralMajor

WARREN RESOURCES INC's exchange filed to remove a class of its securities from listing.

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12 July 2016bankruptcy or receivership▼ BadMajor

On July 11, 2016 Warren signed an Amended and Restated restructuring support agreement that now includes second lien lenders. Expected post-restructuring equity is 79.01% to first lien lenders, 7.55% to second lien lenders and 13.45% shared among unsecured noteholders and one other unsecured claim holder, with second lien lenders also getting five-year warrants for up to 5%; the target for emerging from bankruptcy moves to September 30, 2016. The filing states that if the plan is confirmed, common stockholders will receive no distribution and the common stock will be cancelled. This continues the June bankruptcy case and sets out the shareholders' expected outcome, but the plan is not yet confirmed.

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3 June 2016bankruptcy or receivership▼ BadMajor

On June 2, 2016 Warren and certain subsidiaries filed for Chapter 11 bankruptcy in the Southern District of Texas, with a restructuring support agreement signed with its first lien lenders and holders of a majority of its senior notes. First lien lenders would get 82.5% of the new equity, and second lien lenders and unsecured noteholders would share 17.5%, with possible five-year warrants for up to 5% going to second lien lenders. Existing shareholders are not given any stake in the terms described, and the restructuring is meant to be completed within 130 days, subject to court approval. This follows the earlier debt exchanges and the covenant and listing problems; the filing also describes a proposed $20 million DIP loan (LIBOR + 11%, maturing the earliest of Oct 31, 2016 or plan effectiveness), acceleration of all the debt instruments listed, and a new Nasdaq delisting basis for the late quarterly report (notice May 26, 2016).

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24 Feb 2016listing compliance notice▼ BadMajor

On February 18, 2016 Nasdaq sent a second deficiency notice: the market value of Warren's publicly held shares had been under the $15 million minimum for 30 business days, with a grace period to August 16, 2016. The filing also says that, after a December 24, 2015 notice of possible delisting for the continued share-price shortfall, Warren requested and was granted a hearing with the Nasdaq panel. The June 2015 price problem was therefore not resolved. The company address is now Denver, Colorado, and the filing is signed by Frank T. Smith, Jr. as CFO, replacing the New York address and Stewart Skelly seen earlier.

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22 Oct 2015capital raising announcement▼ BadMajor

On October 22, 2015 Warren signed a five-year, roughly $51.0 million second lien term loan (12% interest, maturing November 1, 2020). About $11.0 million is new money, and some holders of the 9% 2022 notes swapped about $63.1 million of notes plus accrued interest for about $40.1 million of second lien loans and 4,000,000 new Warren shares. It also amended the May first lien loan, making Warren's first lien leverage covenant start being tested June 30, 2016 instead of December 31, 2016, and drew $10 million of the $30 million delayed-draw (total $15 million drawn); the filing says any further draws are at the lenders' sole discretion. This continues the debt-for-loan exchanges begun in May and dilutes existing shareholders with the 4,000,000 new shares; the filing says Warren is evaluating strategic options to position itself for covenant compliance if commodity prices do not improve.

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