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Alta Mesa's Financial Troubles Continue; Taps Remaining Credit Facility
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In what would be considered a pre-bankruptcy move, Alta Mesa Resources has tapped into substantially all of the remaining capacity under its senior secured revolving credit facility.
The Credit Facility had a borrowing base of $370 million after the most recent borrowing base determination on April 1, 2019, which decreased the borrowing base by $30 million. The cash held following the draw, approximately $86 million, is intended for general corporate purposes.
James Hackett, the Executive Chairman of the Company's Board of Directors and the Company's Interim Chief Executive Officer, stated, "In this challenging environment, we believe it is important to increase our liquidity to ensure we have adequate financial flexibility. We will continue to explore our options to strengthen our…
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