Finance & Investing | Debt | Financial Trouble | Capital Markets
Mountainview Negotiates New Credit Terms, Maturity
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Mountainview Energy, Ltd. announces the Credit Facility issued to a wholly owned subsidiary of Mountainview, Mountain Divide, LLC, with outstanding principal in the amount of $49,000,000 has matured and remains unpaid as of July 1, 2015 . Mountainview has previously disclosed certain Credit Facility covenant breaches and default events in its year end 2014 and first quarter 2015 financial statements. Although the lending bank has not enacted any of its remedies in relation to the current and past default events, it has specifically reserved all of its available rights and remedies under the agreement.
Mountainview's executive team continues ongoing negotiations with all creditors of the Company, including the issuing bank of the above referenced Credit Facility. Negotiations are focused on a comprehensive solution which would provide the Company with the ability to sustain current operations. During this period of negotiation, Mountainview continues its focus on maintaining production and reducing operating and general and administrative costs in the current depressed commodity price environment.
Mountainview cautions that there are no assurances that such negotiations will yield satisfactory results for the Company and its stakeholders.
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