Debt | Financial Trouble | Capital Markets
Permian-Focused Rosehill Resources Gets Forbearance Extension
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Rosehill Resources Inc. has entered into a forebearance extension agreement with its lenders (JPMorgan Chase), according to a recent SEC filing.
The amended agreement is characterized by extending the milestone to enter into a Restructuring Term Sheet (as defined in the Forbearance Agreement) to be on or before June 12, 2020. Additionally, the Forbearing Parties amended the Forbearance Agreement by extending the milestone to enter into a restructuring support agreement to be on or before June 24, 2020.
As a condition to the Second Forbearance Extension, the Company and Rosehill Operating have agreed that all settlement payments and other net cash proceeds received in respect of any swap agreement shall be applied to the prepayment of Borrowings then outstanding under the Credit Agreement.
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