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Lucas Energy Struggling; Defaults on Loan
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Lucas Energy, Inc. reported that it has failed to make a required principal payment that was due on December 13, 2014 under the terms of the Amended Loan Agreement.
Specifically, on January 26, the Company received notice from a representative of our lender that we had defaulted on a payment. Consequently, the amount owed under the loan agreement of approximately $7.7 million will accrue at a default interest rate of 18% per annum. No further action has been taken by our lender, who has also waived a required interest payment, which we also failed to pay, that was due in January 2015. The lender has also reserved the right to enter into an amended agreement with Lucas at any time or to enforce other rights under the agreement as a result of such default.
Anthony C. Schnur, the Chief…
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