Latest News and Analysis
Deals and Transactions
Track Drilling (Rigs by operator) | Completions (Frac Spreads)

Bankruptcy / Restructure Update | Financial Trouble | Capital Markets

Jones Energy on the Brink of Bankruptcy

emailEmail    |    printPrint    |    bookmarkBookmark
   |    Thursday,April 04,2019

Jones Energy Inc. has entered a restructuring agreement which seems to be a percursor to officially filing for bankruptcy.

The company has grappled with several financial issues in recent months, including moving its stock to the OTC marketplace in November 2018. The move came mere months after the company completed a reverse stock split in order to regain compliance with the NYSE.

The company is being represented by Kirkland & Ellis LLP and Jackson Walker LLP.

Details:

The Exit Facility Term Sheet provides for, among other things, post-emergence financing in the form of a senior secured delayed draw term loan facility in an aggregate principal amount of up to $20 million. Any loans drawn under the Exit Facility will be non-amortizing. The RSA also provides flexibility for the Debtors to obtain alternative exit financing in lieu of the Exit Facility during the chapter 11 process through the Effective Date, in an aggregate principal amount of up to $150.0 million.

Jones Energy will continue to operate in the normal course and its business operations will not be disrupted by the restructuring process.



Related Categories :

Bankruptcy / Restructure Update   

More    Bankruptcy / Restructure Update News

Mid-Continent News >>>


Mid-Continent - Anadarko Basin News >>>