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Penn Virginia Issues Growing Concern; $32MM Interest Payment Due
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Penn Virginia has been tight-lipped ever since the company got delisted from the NYSE. In its most recent filing (10k), on March 16, 2016, the company commented on its current state:
The company "We have a significant amount of indebtedness, and there is substantial doubt about our ability to continue as a going concern."
As of March 16, 2016 the company had $1.2 billion debt outstanding.
The company is required to pay interest on its senior notes in the amount of $86 million in 2016, including $10.9 million in April and $32.9 million in May 2016. It is a given, that the company will be unable to may both payments especially considering that the company has a mere $32.3 million in cash and cash equivalents.
To make matters worst the company does not have any unused capacity on its…
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