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Samson Outlines Revised Chapter 11 Exit Plan
Date : 08/29/2016 @ 11:00AM
Source : Dow Jones News
Samson Resources Corp. has signed a revised restructuring pact with a group of creditors that calls for the oil-and-gas company to exit bankruptcy with its top-ranking loan paid off and equity in the hands of second-lien lenders.
Tulsa, Okla.-based Samson is battling junior creditors in bankruptcy court and must either defeat them or win them over in order to make the restructuring proposal a reality.
The agreement signed Friday pledges investors holding 39% of Samson's second-lien loan claims to support a new chapter 11 plan that should be filed within days.
When it filed for bankruptcy protection in September 2015, Samson was weighted down with about $4.9 billion worth of debt. It had a deal in hand, but falling energy prices continued to chop into the value of Samson's assets and the pact fell apart.
Unveiled Friday, the revamped turnaround plan comes as Samson is taking bids on its oil-and-gas assets and fending off challenges from junior creditors.
Proceeds of the asset sales will be used to pay down Samson's top loan, while the rest of the loan will be refinanced, court papers outlining the revamped proposal say. Samson will also tap the value of its commodity hedging contracts to help reduce the loan.
Second-round bids came in recently, but Samson hasn't disclosed the offers, nor did it say which of its holdings have attracted buyers. An onshore oil-and-gas exploration and production company, Samson has interests in Colorado, Louisiana, North Dakota, Oklahoma, Texas and Wyoming.
If the revamped turnaround strategy plays out as proposed, investors in Samson's $1 billion second-lien debt get the company, and a share of a settlement trust to be set up as part of a chapter 11 exit plan, according to an outline of the revamped proposal filed Friday in the U.S. Bankruptcy Court in Wilmington, Del.
The sale process continues, as does the clash with junior creditors, who are owed $2.3 billion and are being threatened with a minimal recovery from Samson's bankruptcy.
According to Samson, the restructuring proposal is the best it can do in a market that has seen only a sputtering recovery. Junior creditors are being offered a share of the settlement trust after second-lien lenders are paid in full.
A lawyer for the official committee of unsecured creditors, which speaks for junior creditors, couldn't immediately be reached Monday to comment on Samson's latest proposal.
However, at a court hearing last week, Christopher Shore, a lawyer for the committee, predicted a new chapter 11 plan was on the way that would deal harshly with the group.
According to Mr. Shore, Samson has persisted in treating creditors on the lower rungs of the bankruptcy recovery ladder "as hostile, out-of-the-money creditors." Creditors left uncompensated in a corporate bankruptcy are called "out-of-the-money creditors."
Over the coming months, Samson will joust with junior creditors in bankruptcy court on a couple of fronts. Junior creditors say they should be able to propose a competing chapter 11 plan, and they want to sue over prebankruptcy dealings that they contend call into question the validity of some senior loans.
Samson and its senior lenders say there is nothing to the suits, and a rival chapter 11 plan would be a waste of time and money.
As part of its restructuring, Samson proposes to hand out broad releases from liability.
Junior creditors have accused Samson of surrendering legal claims that could be worth more than $1 billion, trading them away for nothing.
Source:
http://ih.advfn.com/p.php?pid=nmona&article=72306483
Marker:
Samson Oil & Gas Lim (SSN)
$0.73 0.0 (0.00%)
Volume: 6,330
Great report but can't even eek out 1 penny.
And down again on what seems to be a good report.
3rd quarter is going to take us through the $1 barrier and we are going to venture new ground ~ this is a double stick by the next 12 months
Oil is holding and heading towards slow and steady so money is in the making $$$$$$
80' coming next week as more results are forth coming ~ these new wells will bring home the real money
Well the invested moneyed are being put to good use so it's looking good .~ I say I'm topping up this week for sure ??????
Are we finally on the move up again?
True yet the progress being made now will be reflected in the share price before too long ~ time to buy back before $1.00
Creeping up but painfully slow
Buying back in Monday again, dollars sign is coming back again by mid July ~ good opportunity for those to get back into oil again ~ also buy WLL to help double your gains. $$$$$
Expected that explosion today! Market is going crazy due to oil and we are up only .02. Better than down I suppose.
Would love to see that explosion!
I'm buying in again nice opening ~ God I'm going to double up on my 44,000 this week ??
Taking a beating again. I wish the only way was up.
True and the only way now is up and up $$$$$
Well we're back pre-RS anyway.
I hear you and know how that can be, but on a positive note oil prices have bottomed out sine the decline in August 2014, so it's up and up, perhaps not fast enough but it's going up
Hold and even but back if you have the funds
I'm hanging in so I can at least get even. That reverse split was a killer for me.
Still holding at $1.08 but watch for new highs soon
No longer a dream , what this small company grow in 2016
I knew SSN was going to get higher and I forecast that two months ago, but what we now know is that $1.50 is only weeks away. Watch this stock grow in coming weeks and months, too much good news coming as well as funds from recent law suits
SSN is a $2.50 share by end of August 2016
Best time to get in when the price is low yet stable
Golden cross on the charts oil prices increasing great buying op here.
http://stockcharts.com/h-sc/ui?s=SSN
Strong Buy! SSN http://www.barchart.com/opinions/stocks/SSN
Been on the bid somebody fill me please
Believe me this company who has it's sources in two continents ~ USA and Australia is going to pick up very fast
Investors are seeing huge recovery in this small company and they like the management team and their strategy
$2 is not a stone throw away
Watch for big jump in coming month ~ april will be a major turning point
I'm buying back in again and looking for more returns soon $$$$$
Sure is holding up better than most other oil stocks.
SSN strategies are now paving the way forward and upwards ~ watch closely to see more huge step upwards in coming weeks and months. I'm buying in for more ~ are you ???
2013 was still a good year for oil prices. What was going on during that time with Samson that the stock price did not rally well?
$SSN quarterly report.
http://www.samsonoilandgas.com/IRM/PDF/2662/December2015QuarterlyReportandAppendix5B
$SSN up to .75, could see .90 today. Oil will recover and money will be made here.
$ SSN. Oil is trying to settle in it seems & no way of knowing where the bottom is but it looks like the $30 is going to be close if its not the bottom and SSN is well sat up for the rebound IMO. GO > $ SSN
Interesting. Keep me posted. TIA!
Possibly, but I don't see it falling as far out of sync with rest of oil stocks as it was for awhile. The recent acquisition must have improved their situation, based on past days activity.
Will it drop if I get in here? Usually does...lol.
I agree. This won't stay under $1 for much longer. Easy %50-100 gains from here. Easy to load up on shares also with the current price action and lack of liquidity.
I agree with you, with recent acquisition, if it flared up to above $2.00 or whatever, it will 'take a stab' at $1.00 again. I feel that is certain, and there are no better odds anywhere with current price and recent acquisition. IMHO.
This could run any day, I am happy with my 10k shares.
Great play to hold for a nice good gain for the future.
Yea, I have had my eye on $SSN for a while, missed the run a couple weeks back, but decided to add a position at these low levels.
Well spotted, ranger2339.
Picked up 10k shares of $SSN. Bottom was in, now a nice uptrend up.
Asian Stocks Extend Global Rebound With Oil Above $32; Yen Rises
Emma O'Brien
ek_obrien
Jonathan Burgos
January 24, 2016 — 4:31 PM CST
Updated on January 24, 2016 — 7:38 PM CST
Chinese shares open higher after first weekly advance in 2016
This week's BOJ, Fed meetings in focus after ECB sparks rally
Asian equities extended gains as bets central banks will come to the rescue of turbulent financial markets fuels a rebound in global stocks. While oil held above $32 a barrel, the yen and gold tried to stage a comeback.
Gains across the board in Asia saw the MSCI All-Country World Index embark on a third day of increases, after a 2 percent jump in U.S. shares on Friday contributed to the gauge’s best day since June 2012. U.S. crude oil traded at $32.44 following its steepest two-day advance since 2008. The Korean won strengthened a second day, even as the yen rose from a two-week low in the wake of Japanese trade data, while the Australian and New Zealand dollars retreated. Copper and nickel fell as gold resumed its advance.
European Central Bank President Mario Draghi gave markets the lift they needed amid the worst start to a year on record for stocks around the world. His indication that stimulus could be boosted as soon as March, coupled with speculation China could ease policy further to soothe investors, fueled a surge across risk-asset classes at the end of last week, aided by the recovery in crude oil prices. While Bank of Japan Governor Haruhiko Kuroda played down the impact of the recent gyrations on his economy, economists are predicting the Federal Reserve will hold fire on interest rates when it meets this week.
“There will be some waiting and seeing among policy makers until they know how this market volatility will affect the global economy,” Michael McCarthy, chief strategist at CMC Markets in Sydney, said by phone. “Given the depression in the markets, there’s scope for the market to add to Friday’s gains. We’ve got a very eventful week, with the BOJ and Fed meetings, so there’s a lot for investors to react to. Volatility is likely to continue.”
Singapore reports on consumer prices Monday, while Malaysian markets are closed for a holiday.
Stocks
The MSCI Asia Pacific Index gained 0.9 percent as of 10:31 a.m. Tokyo time, after a 3.5 percent surge on Friday trimmed its third straight weekly drop to 1.4 percent. Despite the slight comeback in the yen, Japanese shares rose a second day, with the Topix index increasing 0.9 percent to be set for its highest close since Jan. 19.
Energy producers and banks drove Australia’s S&P/ASX 200 Index up 1.3 percent following the revival in crude oil, while New Zealand’s S&P/NZX 50 Index rose 0.7 percent. The Kospi index in Seoul gained 1.1 percent.
In Hong Kong, the Hang Seng and Hang Seng China Enterprises indexes opened higher, rising 1.4 percent and 1.1 percent respectively. The Shanghai Composite Index climbed 0.4 percent. The gauge, whose gyrations in the first proper week of trading this year sparked the global selloff, ended Friday up 1.3 percent as China signaled it would curb overcapacity in industries such as coal that have been dragging down economic growth.
Less certain is the longer-term outlook for risk assets globally, according to Philip Borkin, a senior economist in Auckland at ANZ Bank New Zealand Ltd.
“One of my colleagues put it quite aptly recently when he stated that financial markets were almost like a tantruming toddler, and that central banks have been attempting to console them by rewarding them with another toy,” Borkin said in a client note Monday. “Any parent would tell you that that is hardly the way to encourage long-lasting good behavior. At some stage, particularly if real activity data are still hanging in there OK, some tough love is required.”
The rebound in crude -- which saw Brent end Friday up more than 10 percent -- stoked gains in Middle Eastern stocks Sunday, with Dubai’s DFM General Index climbing the most in more than a year and Saudi Arabia’s benchmark soaring as much as 6.8 percent. Crude remains the biggest source of revenue for the six-nation Gulf Cooperation Council. In Russia, which counts on energy for about 50 percent of budget revenue, the MICEX index jumped 2.4 percent on Friday to its highest level since Jan. 6.
The S&P 500 advanced 2 percent Friday, the most since Dec. 4, to 1,906.90, while the Dow Jones Industrial Average regained 211 points. Futures on the S&P 500 erased early gains to fall 0.2 percent with those on the Dow Average.
Currencies
The won led gains among Asian currencies, climbing 0.3 percent after jumping 1.1 percent on Friday.
The Aussie was the worst performer among the Asian majors, falling 0.3 percent after a disappointing business confidence report. New Zealand’s dollar retreated 0.2 percent in a second day of losses as investors mulled the outlook for monetary policy. While the Reserve Bank of New Zealand is projected to keep rates on hold at a review Thursday, some economists are predicting further reductions before the end of June.
The yen, which typically moves at odds with Japanese stocks, rallied 0.2 percent to 118.60 per dollar following a 0.9 percent decline Friday that capped its first weekly drop in three weeks.
Governor Kuroda said in an interview with Bloomberg TV in Davos that the turbulence in financial markets hadn’t affected corporate behavior “unduly.” He did, however, emphasize that the central bank is “carefully” watching markets for any potential impact on the real economy.
Data released Monday showed Japan’s annual trade deficit narrowed almost 80 percent in December from a record as the cost of energy imports dipped and weakness in the yen spurred some gains in exports. Economists expect the BOJ to keep stimulus at current levels later this week.
http://www.bloomberg.com/news/articles/2016-01-24/futures-point-to-more-asian-gains-after-stock-surge-oil-rebound
Mideast Stocks Advance After Oil Rebounds Most in Five Months
January 24, 2016 — 12:20 AM CST
Updated on January 24, 2016 — 8:37 AM CST
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Helicopter Views Of Dubai City Skyline
“The global rally and oil price recovery is a great signal for investors here to buy,” said Hisham Khairy, the Dubai-based head of institutional trade at Mena Corp. Financial Services LLC, one of the United Arab Emirates’ largest brokerages. “If tomorrow the market opens higher, it would offer a great selling opportunity.”
Dubai's DFM General Index rises the most since December 2014
Stocks in Saudi Arabia increase as much as 6.8 percent
Stocks across Middle Eastern markets surged after oil prices rebounded and global equities rallied.
The DFM General Index climbed 5.2 percent, the most in more than a year, to close at 2,757.08 as traders exchanged 415 million shares, 63 percent above the 12-month daily average volume. Qatar’s QE Index and Abu Dhabi’s ADX General Index climbed 4.6 percent and 2.7 percent, respectively. Saudi Arabia’s Tadawul All Share Index soared as much as 6.8 percent before paring gains to 2.7 percent at the close.
Oil advanced the most since August on Friday, boosting the outlook for the countries of the six-nation Gulf Cooperation Council, for which crude remains the biggest source of revenue. The equity advance also followed Friday’s surge in world stocks, the sharpest rally since June 2012, amid speculation central banks will expand stimulus measures to counter turmoil in financial markets.
“The global rally and oil price recovery is a great signal for investors here to buy,” said Hisham Khairy, the Dubai-based head of institutional trade at Mena Corp. Financial Services LLC, one of the United Arab Emirates’ largest brokerages. “If tomorrow the market opens higher, it would offer a great selling opportunity,” said Khairy, who recommends “exiting the market” because the factors that led to the selloff across the region haven’t been resolved.
Oil Rises
Brent crude, a pricing benchmark for half of the world’s oil, soared 10 percent to $32.18 a barrel on Friday. U.A.E. Energy Minister Suhail Al Mazrouei said the same day that he sees prices stabilizing either at the end of this year or the beginning of 2017. The GCC is home to about 30 percent of the world’s proven reserves.
The Bloomberg GCC 200 Index, which tracks some of the region’s top companies, climbed the most since August. Saudi Basic Industries Corp., one of the world’s biggest chemicals manufacturers by sales, was the biggest contributor to the increase, rising 3.5 percent.
Saudi Arabia’s Al Rajhi Bank added 6.5 percent after the board recommended a dividend of 1 riyal per share for the second half of 2015 after the lender posted a 28 percent increase in fourth-quarter profit.
The Tadawul All Share Telecommunications Index advanced 4.2 percent, with Etihad Etisalat Co. rising 10 percent, the most since Nov. 2008, after the company reported first profit after four quarters of loss.
Aramco IPO
The kingdom may sell shares in Saudi Arabian Oil Co. in an initial public offering, the company, known as Aramco, said this month, after the drop in crude prices strained the nation’s finances. The sale won’t include crude oil reserves, which belong to the state, Chairman Khalid al-Falih told Al Arabiya TV in an interview. Oil prices will recover in the second half of the year as demand grows, he said.
Saudi Arabian Airlines plans to raise as much as 5 billion riyals ($1.3 billion) from the sale of Islamic bonds in the second quarter to refinance loans and buy planes, Director General Saleh Al Jasser said on Friday.
Kuwait’s SE Price Index advanced 0.6 percent and Oman’s MSM 30 Index added 1.5 percent. Egypt’s EGX 30 Index climbed 3.2 percent, and Iran’s TEDPIX Index rose 1.2 percent, according to the Tehran Stock Exchange website. Bahrain’s Bourse All Share Index and the Palestine General Index were the region’s only decliners, retreating 0.6 and 0.3 percent, respectively.
The TA-25 Index increased 1.7 percent at the close in Tel Aviv, the most in more than a month, led by dual-listed health companies tracking gains in their U.S. shares on Friday. Following the rally in oil prices on Friday, the country’s gauge for oil and gas explorers advanced 2.6 percent, the biggest gain in three weeks.
http://www.bloomberg.com/news/articles/2016-01-24/dubai-stocks-surge-most-since-2014-after-oil-rebounds
$ SSN. All oil stocks have took a bad beating and it will take them bottoming out but they will turn around at some point and in the meantime we will have lower fuel prices which will help in alot of ways. GO > $ SSN
I believe that whilst there is still a possibility of a new low investors will catch SSN as an asset driven company ~ remember it's not how much it's worth today that gives investors interest ~ it's what they see in the mid term
$ SSN. I agree that SSN is one to watch in 2016 but oil has not bottomed yet and it will be awhile yet before it does IMO but SSN will be one to be in once it does. GO > $ SSN
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Samson Oil & Gas Limited is an Australian based oil & gas company holding extensive development and exploration acreage in the USA.
Samson is listed on the Australian Stock Exchange (ASX) and American Stock Exchange (AMEX), ticket code SSN.
Samson's business strategy is to create value by focusing on the USA energy sector and in particular exploration for and production of gas.
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