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PetroQuest Skips Out on Interest Payment; Enters 30-Day Grace Period
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PetroQuest Energy reported that, in order to preserve liquidity, it has elected not to make the semi-annual interest payments totaling approximately $14.2 million due on August 15, 2018 with respect to its outstanding $9.4 million principal amount of 10% Second Lien Senior Secured Notes due 2021 and its outstanding $275.0 million principal amount of 10% Second Lien Senior Secured PIK Notes due 2021.
The company will go into default if the payment is not made after the 30 day grace period.
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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