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Eagle Ford E&P Unable to Reduce Debt; Mulls Sale of Assets
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Argent Energy Trust announces that to date Argent has been unable to reduce the amount outstanding under its credit facility to the amount of the borrowing base under the facility of US$45 million .
Assets:As previously announced on November 30, 2015 , Argent's banking syndicate reduced the credit facility's borrowing base from US$80 million to US$45 million , and Argent had a 60-day cure period in which to reduce its borrowings to an amount equal to the new borrowing base. Among other matters, the failure of Argent to pay its borrowing base shortfall within the 60-day cure period results in an event of default under the facility. Argent continues to work with its banking syndicate to explore various alternatives.
Argent also announces that it has engaged The Oil & Gas Asset…
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