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GOM Operator Credit Line Cut 60%; Heading for Bankruptcy
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W&T Offshore release (at the close of trading 03/24/2016) that the company's revolver/borrowing base was cut from $350 million to $150 million. The company noted that it has three (3) months to repay the excess borrowings which is $191 million.
The company can either sell assets or pay the amount from the cash, which seems unlikely.
As most of you might remember, the company on 02/26/2016 tap $340 of the $350 million credit line upon hiring of Kirland & Ellis as its legal advisor.
The problem now of for the company is whether it will pay back the $191 million in the next three months?
Another issue is that the BOEM is requiring the company to post a $260.8 million bond to cover plug and abandonment of a few GOM assets before March 29, 2016. The company said the bond market is "virtually…
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