Probably a reverse split
Copy and paste the cancellation of all shares and effective 1 for 111 RS effective 5/1, all in the same doc...
Bonanza Creek Energy emerges from Chapter 11
Bonanza Creek Energy (BCEI +5.4%) says it has emerged from Chapter 11 bankruptcy after successfully completed its prepackaged restructuring.
Legacy equity shareholders received 4.5% of the reorganized company's common stock, subject to dilution, and warrants to purchase up to 7.5% of the reorganized stock for a term of three years.
BCEI plans to resume drilling and completion activity around June 1, operating a one-rig program for the remainder of the year.
Not sure I agree. They buried a 1 for 111 RS into the docs, pretty shifty. Takes effect 5/1, worth watching then IMO, post effective split.
BCEI bullish 0.9599
share price may appreciate as they emerge from ch.11 in a restructuring not a liquidation
at support low risk high reward trade
and btw, why does this somehow justity you lying about "heavy options trading" in option series that do not even exist?
of course i've read them. but as you write yourself, it's a proposal of the equity committee that will be discussed at next week's hearing, like the proposal ot the note holders (which mind you, everybody else involved in this case is unanimously behind).
in an overwhelming majority of these kinds of cases, proposals by equity committee's are ignored, and proposals by note holders are accepted. that's also as it should be as note holders claim is senior.
to make matters worse, the equity holder's case is poorly written, and bcei recently published atrocious earnings. my guess is you have about, what is it, a 5% shot there's a judge next week that has no clue. but normally it's pretty clear what will happen.
it's pretty clear what the strategy was here: delay delay delay and hope that oil recovers. well, we're a few days from the hearing and oil hasn't recovered.
apparently you have nit read recent court rulings equity proposals as for of settlement with equity holder 12.5 percent versus 4 percent now do the math that is 2.96 dollars per share.
please report accurately not just conjecture i have facts check the motions put through to the judge :)
there aren't even any 12.50 April calls available, but nice try.
merger??? on the first three days of next week a judge will very likely approve a plan of reorganization for BCEI, and all existing equity holders will get nothing but a few lousy warrants worth maybe 30 cents. Bill Barrett isn't interested in a merger, it will just let BCEI go bankrupt and buy the assets then, just read the initial filing (which was like two months ago)
nice move 2 day in a row...long ways to go.
i can confirm option trading is very heavy 12.50 option calls set for April 21st in anticipation of huge move these are Savy investors what do they know that we dont. Your comments of merger maybe the driver here.
stray cat 1.20 bouncer today
hey, I have 20K shares of BCEI, I am hoping for $3 soon....
Just a matter of time...IMO
Something must have happened! Zacks has it ranked at a 2. Point and figure charting showes 6 bucks! I found $VOIL last night......ugg what to do! Guess I'll pick up a Lil of both here for starters! Pinch me please! Wow! Watch you're oil! I've heard that somewher........
California Resources Corporation Announces Joint Venture to Invest $250 Million in Oil & Gas Properties
February 16, 2017 04:16 PM Eastern Standard Time
LOS ANGELES--(BUSINESS WIRE)--California Resources Corporation (NYSE: CRC) announced today a joint venture (JV) with Benefit Street Partners L.L.C. (BSP) to invest in CRC’s oil and gas properties in California, with a focus on development opportunities in multiple CRC producing fields. CRC will operate the properties.
“This joint venture is an excellent opportunity for CRC to accelerate development of CRC’s vast underdeveloped resource base and advance our long term deleveraging efforts. We look forward to partnering with Benefit Street Partners for our mutual benefit.”
The Joint Venture calls for Benefit Street Partners to invest up to $250 million for development opportunities in both conventional and unconventional assets of CRC in California. BSP will make an initial $50 million investment to be directed toward drilling activities across properties subject to the JV. BSP will make subsequent investments in tranches up to $50 million at the discretion of the JV partners over a two year investment window. Subject to customary conditions, the parties anticipate that the initial investment will fund in approximately two weeks.
Todd Stevens, President and CEO of CRC, noted, “This joint venture is an excellent opportunity for CRC to accelerate development of CRC’s vast underdeveloped resource base and advance our long term deleveraging efforts. We look forward to partnering with Benefit Street Partners for our mutual benefit.”
Tim Murray, Managing Director of BSP said, “We are proud to partner with CRC and their quality management team. We view CRC’s diverse asset base as an excellent opportunity to structure a joint venture to focus on the primary and secondary development opportunities to enhance CRC’s portfolio.”
About California Resources Corporation
California Resources Corporation is the largest oil and natural gas exploration and production company in California on a gross-operated basis. The Company operates its world class resource base exclusively within the State of California, applying integrated infrastructure to gather, process and market its production. Using advanced technology, California Resources Corporation focuses on safely and responsibly supplying affordable energy for California by Californians.
About Benefit Street Partners
BSP is a leading credit-focused alternative asset management firm that, together with affiliates, manages over $18 billion in assets across a broad range of complementary credit strategies including high yield, levered loans, private / opportunistic debt, liquid credit, structured credit and commercial real estate debt. BSP has approximately 150 employees with over 90 investment professionals. BSP is an affiliate of Providence Equity Partners L.L.C., a leading global private equity firm with $50 billion in assets under management across complimentary private equity and credit businesses.
Forward Looking Statement Disclosure
This press release contains forward-looking statements that involve risks and uncertainties that could materially affect our expected results of operations, liquidity, cash flows and business prospects. Such statements include those regarding our expectations as to our future operations, operational results, transactions, projects and reserves. Actual results may differ from anticipated results, sometimes materially, and reported results should not be considered an indication of future performance. Factors (but not necessarily all the factors) that could cause results to differ include:
commodity price changes
legislative or regulatory changes, including those related to drilling, completion, well stimulation, operation, maintenance or abandonment of wells or facilities, managing energy, water, land, greenhouse gases or other emissions, protection of health, safety and the environment, or transportation, marketing and sale of our products
unexpected geologic conditions
inability to enter efficient hedges
equipment, service or labor price inflation or unavailability
availability or timing of, or conditions imposed on, permits and approvals
lower-than-expected production, reserves or resources from development projects or acquisitions or higher-than-expected decline rates
disruptions due to accidents, mechanical failures, transportation constraints, natural disasters, labor difficulties, cyber attacks or other catastrophic events
factors discussed in “Risk Factors” in our Annual Report on Form 10-K available on our website at crc.com.
Any forward-looking statement speaks only as of the date on which such statement is made and we undertake no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
California Resources Corporation
Scott Espenshade (Investor Relations)
Margita Thompson (Media)
CALIFORNIA RESOURCES CORPORATION
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so their ticker stays the same after chapter 11 and investors don't lose their shares? How is this?
company restructuring and will be stronger without much debt to worry about
Umm ok I'm still buying