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Azure Midstream Partners Potential Default

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On March 30, 2016, Azure Midstream Partners, LP announced that the Partnership does not currently have adequate liquidity to repay all of its outstanding debt in full if such debt were accelerated. As a result of this potential default and acceleration, the Partnership’s independent registered public accounting firm has informed them that the report on its consolidated financial statements to be included in its annual report on Form 10-K will include an explanatory paragraph to the effect that these conditions raise substantial doubt about the Partnership’s ability to continue as a going concern for a reasonable period of time. The Partnership’s credit agreement requires them to deliver audited financial statements with an unqualified opinion free of any going concern language. Based upon current estimates and expectations for commodity prices in 2016, they do not expect to remain in compliance with all of the restrictive covenants contained in the credit agreement throughout 2016 unless those requirements are waived or amended. Read more on distressed companies.

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