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Tuesday, May 17, 2016 7:10:49 AM
At 3/31/16, BDCO was in violation of debt service coverage ratio and current ratio covenants with Sovereign Bank. However, it is making regular scheduled monthly payments.
There was a major inventory buildup in the first quarter to $17.9 million, up from $7.8 million. Diesel and jet fuel inventory was increased intentionally compared to fulfill anticipated orders from a large new customer, seasonal jet fuel demand, and in anticipation of the opening of the Mexican diesel market to private companies. The buildup represented approximately 204,000 bbls (about 16 days worth of production) and resulted in lower refined petroleum product sales for the quarter.
LE has a dispute with GEL related to the Joint Marketing Agreement and Crude Supply Agreement. On 5/02/16, GEL filed a lawsuit in Texas state court in Harris County. On 5/13/16, LE filed a Demand for Arbitration with the American Arbitration Association to bring the dispute to resolution.
"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, CEO of Harwood International
Recent BDCO News
- Form 8-K - Current report • Edgar (US Regulatory) • 01/18/2024 08:13:39 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/05/2024 10:22:54 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/05/2024 09:49:50 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/04/2024 10:23:41 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 11/15/2023 02:09:52 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 11/08/2023 07:26:15 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 11/03/2023 05:45:21 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 10/10/2023 06:56:45 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/23/2023 09:19:44 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/21/2023 11:15:12 AM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/14/2023 09:05:56 PM
Avant Technologies Equipping AI-Managed Data Center with High Performance Computing Systems • AVAI • May 10, 2024 8:00 AM
VAYK Discloses Strategic Conversation on Potential Acquisition of $4 Million Home Service Business • VAYK • May 9, 2024 9:00 AM
Bantec's Howco Awarded $4.19 Million Dollar U.S. Department of Defense Contract • BANT • May 8, 2024 10:00 AM
Element79 Gold Corp Successfully Closes Maverick Springs Option Agreement • ELEM • May 8, 2024 9:05 AM
Kona Gold Beverages, Inc. Achieves April Revenues Exceeding $586,000 • KGKG • May 8, 2024 8:30 AM
Epazz plans to spin off Galaxy Batteries Inc. • EPAZ • May 8, 2024 7:05 AM