Financial Trouble | Capital Markets | Financial Trouble - Going Concern
Journey Energy Gets Extension on Forebearance Agreement
Email
Print 
Bookmark
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.
Related Categories :
Finance & Investing
More Finance & Investing News
-
Baytex Energy Corp. First Quarter 2023 Results
-
Silverbow Resources Board Adopts 'Poison Pill' Strategy
-
Bonterra Energy Second Quarter 2022 Results
-
Range Resources Second Quarter 2022 Results
-
Liberty Energy Inc. Second Quarter 2022 Results
Canada News >>>
-
Large Permian E&P Cuts Capex;Outlines New D&C Plans, 2024
-
Petrus Resources Ltd. First Quarter 2023 Results
4.jpg&new_width=60&new_height=60&imgsize=false)
-
Cardinal Energy Ltd. First Quarter 2023 Results
-
Headwater Exploration Inc. First Quarter 2023 Results -
6.jpg&new_width=60&new_height=60&imgsize=false)
-
Rubellite Energy Inc. First Quarter 2023 Results
3.jpg&new_width=60&new_height=60&imgsize=false)