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Stone Energy Looking To Sell/Exit Appalachia; Last Ditch Effort
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Stone Energy through a filling yesterday (8-23-2016) plans to sell its Appalachia asset $350 million.
The company said in the filing
"$150 million of net proceeds, provided that the sale price paid in connection with a sale of Appalachia shall be no less than $350 million, to be paid to the Noteholders in cash as part of the overall consideration; however, if the Company obtains net proceeds greater than $350 million, Company to pay Noteholders 60% of any net proceeds that are available to the Company/Noteholders in excess of $350 million
• The remaining sale proceeds will be used to pay down bank debt and for general working capital needs, which allocation shall be determined by the Company with the consent of the Ad Hoc Group of Noteholders
• The business plan, Modified Case with…
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