AREX - Approach Resources: Still Living On Borrowed Time
Approach Resources (AREX) continues to receive amendments to its limited forbearance agreement, but is likely to restructure during the next couple months. It is running low on money at low-$50s oil and is very unlikely to make its December unsecured bond interest payment.
It also appears unlikely to secure enough new money to substantially pay down its credit facility debt, and will thus probably liquidate. A liquidation sale of Approach's assets would probably fetch less than its credit facility debt in the current market environment.
More Amendments
Approach continues to receive amendments to