AREX - Approach Resources Remains In Limbo
Approach Resources (AREX) remains in a state of limbo as it has received yet another amendment to its forbearance agreement (which was originally entered into in May). The amendment notes that Approach has hired a company known for providing restructuring advice, and it appears that a restructuring is still inevitable (albeit delayed). The trigger for a bankruptcy filing may be when Approach's cash balance becomes too low, as it only had $7.2 million in cash at the end of Q2 2019.
The Sixth Amendment
The Sixth Amendment To The Limited Forbearance Agreement extends