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Bonanza Creek Suspends Activity, Financial Trouble, Postpone Interest Payment
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Bonanza Creek Energy, Inc. reported its second quarter 2016 financial and operating results.
Quick Read Drilling activity suspended, no further drilling planned for H2 6 DUC well inventory Planned asset sales suspended: "In the first and second quarter of 2016 we targeted divestitures of both our RMI and MidCon assets. Although we received strong economic bids for both of these asset packages, conditions included in the bid proposals require that the Company improve its liquidity and its balance sheet. As a result, we have suspended the divestiture efforts to focus on other liquidity enhancing and debt restructuring options." Debt : Important NoteThe Company has a $1.0 billion revolving credit facility, which was redetermined in May of 2016 to an approved borrowing base and commitment…
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