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DJ Basin E&P Exploring Restructuring Options; Hires Firm
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In what must seem like something crazy, Bonanza Creek disclosed in an 8k filing on July 13, 2016 that it has retained Perella Weinberg Partners to advise the Company and assist in analyzing and evaluating financial and transactional alternatives, including restructuring options.
The company seemed to be in financial trouble when it tapped the Majority of its credit facility back on March 10, 2016.
The company also saw the departure of a few executives from the company.
On May 20, 2016 the company saw its borrowing base cut from $475 to $200 million, which put the company in a borrowing base deficiency of $88 million. This compounds the problem with the company, considering that 35% of the company's income went to pay down debt.
The company has $1 billion outstanding, and currently…
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