Financial Trouble | Capital Markets | Financial Trouble - Going Concern
Journey Energy Gets Extension on Forebearance Agreement
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Journey Energy Inc. has been awarded an extension to the forbearance agreement with its banking syndicate.
The company's syndicate of lenders extended the current forbearance agreement until July 31, 2020.
The extension to the forbearance agreement includes holding the bank line at a maximum of $77 million until the termination of the agreement on July 31, 2020, at which time the forbearance will be re-evaluated.
AIMCo Agreement
Additionally, Journey has reached an agreement with one of its largest shareholders and term debt provider, Alberta Investment Management Corporation (AIMCo), to add the semi-annual interest payment and accommodation fees due today to the principal amount owing under the loan.
The capitalization of $2.3 million will provide Journey with much needed liquidity during these difficult times. Journey appreciates the ongoing support provided by AIMCo as a key investor.
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