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Azure Details Strategic Restructuring Plan in 1Q
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Azure Midstream Partners, LP announced financial and operating results for the three months ended March 31, 2016.
Adjusted EBITDA for the first quarter 2016 was $5.1 million, compared to pro forma adjusted EBITDA of $8.6 for the first quarter of 2015, and distributable cash flow was $2.4 million, or $0.11 per limited partner unit, compared to pro forma distributable cash flow of $7.2 million, or $0.40 per limited partner unit in the first quarter of 2015. The Partnership recognized a net loss of $113.6 million for the quarter due primarily to a $107.5 million non-cash impairment of tangible and intangible assets related to the AES and NuDevco restructure. This compares to a pro forma net loss of $7.6 million for the first quarter of 2015. Adjusted EBITDA and distributable cash flow are…
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