Finance & Investing | Default | Financial Trouble | Capital Markets
MidContinent E&P Defaults on Loan
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PostRock Energy Corporation has received written notice from the Administrative Agent of the Third Amended and Restated Credit Agreement originally dated December 20, 2012, that PostRock is in default of the Credit Agreement.
The default is due to its failure to make the quarterly interest payment due February 11, 2016, and its failure to cure the borrowing base deficiency. The notice was received one day after PostRock’s previous press release from February 25, 2016, which announced that PostRock was unable to reduce the outstanding amount under its credit facility to its borrowing base and that PostRock did not make the last quarterly interest payment.
The Administrative Agent has notified PostRock that, among other things, the commitments of each lender to make revolving loans are…
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