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Eagle Energy Inks Forebearance Agreement with Lenders
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Eagle Energy Inc. has entered into a forbearance agreement with its lenders.
The agreement concerns the loan and security agreement dated March 13, 2017. Due to low WTI prices, Eagle may not meet one or more of its financial covenants at year end 2018.
Under the Forbearance Agreement, the Lenders have agreed to forbear from exercising their rights and remedies arising if Eagle fails to meet any of its financial covenants as of December 31, 2018 until January 31, 2019 so long as no termination event has occurred during the Forbearance Period.
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