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Bankruptcy Watch: 4/22/16

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As banks complete their Spring re-determination, the process where banks calibrate their credit levels for producers, the squeeze of 10-30% reductions are 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, or indicated, they are pursuing some form of restructuring:


Foresight Energy Partners disclosed that the partnership has entered into a Transaction Support Agreement with creditors to support a proposed debt restructuring.  The Partnership previously suspended distributions in December 2015 and was brought public on 6/18/2014.


Midstream Agreements:  None



Peabody Energy, the world's largest private sector coal company, filed for Chapter 11 protection to restructure their $10B of debt.  The filing disclosed the following Trade Debts;  Kinder Morgan $5.5MM




Midstream Agreements:  Kinder Morgan terminal services for export.  In 2016, the total take or pay commitments for terminal exports is $301MM across the US and Australia





Seventy Seven Energy, and oil field services company, announced that they have entered into a Restructuring Support Agreement in advance of a Chapter 11 filing, which will convert $1.1B of debt into a new form of common equity.



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