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PetroQuest Enters Forebearance on Loan; Mulls Bankruptcy Filing
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PetroQuest Energy has entered into forbearance agreements under its multi-draw term loan agreement.
The Company is continuing to analyze and evaluate various alternatives with respect to its capital structure and financial position, which may include private debt exchanges or filing for protection under Chapter 11 of the U.S. Bankruptcy Code.
As the Company has previously disclosed, on August 31, 2018, the Company borrowed $50 million under the Loan Agreement, and repaid $32.5 million of outstanding borrowings under its prior loan agreement, plus accrued interest and fees, and retained the balance of the borrowings for general corporate purposes. As a result, the Company currently has no borrowing availability under the Loan Agreement, and as of August 31, 2018, had approximately $25 million of cash on hand. The Company is continuing to pay suppliers and trade creditors and fund current operations on an ongoing basis.
As the Company has previously disclosed, the Company has retained Seaport Global Securities as its financial advisor and Porter Hedges LLP as its legal advisor to assist the Board of Directors and management team in analyzing and evaluating the various alternatives with respect to its capital structure.
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