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Bankruptcy Watch: 3/23/16

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As we near the spring re-determination date of March 31, 2016, the squeeze is being felt as a growing number of producers have delayed their 10k reporting due to pending credit agreement defaults which need to be resolved in order to continue as a going concern.  This week the following companies have announced they are pursuing some form of restructuring


Southcross Energy:  Ticker SXE  The parent company, Southcross Holdings LP, which owns the General Partners, units of of Southcross Energy Partners and gas processing assets, announced it has entered into a Restructuring Support Agreement with creditors in advance of a Chapter 11 filing for only the Holding company.  Southcross Energy Partners, an MLP which provides natural gas gathering and processing services to acreage in South Texas, Alabama and Mississippi, will continue to operate with interruption.  Southcross Energy Partners suspended distributions on January 8th, 2016 and has yet to file their 2016 10k, but did indicate that they will achieve the upper end of their 2016 EBITDA Guidance of $25MM






Emerald Oil Ticker: EOX Emerald is an independent exploration and production company focused on Williston, Bakken and Three Forks shale formations.  On March 23rd, the company announced they have filed for Chapter 11 and have a non binding offer to purchase essentially all of their assets.  As indicated in their September 30th 10Q, the company has MVC agreements for which they realized a $1MM deficiency fee in Q3.  Further details of their midstream agreements are described below:




Midstream Providers:   There were no midstream providers disclosed in their most recent 10k or in the Creditors list in the Ch 11 filing





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