Quantcast
Channel: Daily Bankrupt Company Updates | Bankrupt Company News
Viewing all articles
Browse latest Browse all 4593

Swift Energy Updated Business Plan Filed

0
0

According to the U.S. Bankruptcy Court docket, Swift Energy filed an updated business plan, which notes, “Senior management…has prepared an updated set of financial projections for the nine months ending December 31, 2016 and fiscal years 2017 through 2020 (collectively, the ‘Updated Business Plan’).”

The plan continues, “The primary changes in the assumptions underlying the Updated Business Plan, as compared to the Prior Business Plan, are as follows:…The sale of assets to Texegy LLC which was approved by the Court on February 2, 2016, is assumed to close on March 15,2016 (as opposed to March 1, 2016 under the Prior Business Plan).Exit Financing: The Updated Business Plan assumes that the Debtors will obtain exit financing in the amount of $320 million (as opposed to $330 million under the Prior Business Plan). Utilization under the exit financing, projected to total $259 million (as opposed to $295 million under the Prior Business Plan), would be the reorganized Debtors’ only funded debt upon exit. Projected utilization includes approximately $5 million of L/C placement. Additionally, the Debtors have assumed a minimum liquidity covenant of $10 million under the terms of the assumed exit financing facility (as opposed to no such assumption under the Prior Business Plan).”

Read more Swift Energy bankruptcy news.

The post Swift Energy Updated Business Plan Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


Viewing all articles
Browse latest Browse all 4593

Latest Images

Trending Articles





Latest Images