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LONE - Lonestar Resources: Getting Closer To Restructuring
Lonestar Resources US Inc Com
Lonestar Resources (LONE) has taken another step on the path to restructuring with its decision to take the 30-day grace period on its $14.1 million July 1 interest payment on its 11.25% unsecured notes due 2023. There is essentially no chance that Lonestar will make that payment given the significant borrowing base reduction for its credit facility, which left it with a $60 million borrowing base deficiency.
Lonestar was required to deliver a detailed restructuring proposal to its lenders by July 16. It is likely attempting to negotiate enough support for the agreement