Sergei Krylov, Approach’s CEO, commented, “We have continued to have constructive conversations with our largest stakeholders, including the lenders in our revolving credit facility with respect to potential deleveraging transactions and our efforts to improve our leverage and liquidity. As we continue these discussions, we are conserving capital and have temporarily suspended our drilling and completion activity and we are realizing the benefits of our cost-saving initiatives.”
We have engaged advisors in these discussions and negotiations, but there can be no assurance that these discussions and negotiations will result in the consummation of any transaction in a timely manner, or at all. Further, the consummation of an Exchange Transaction is contingent on the successful consummation of an extension and amendment under our credit agreement. In the event the Exchange Transaction, and credit agreement extension and amendment, are not timely completed, we anticipate that we will pursue a restructuring of our balance sheet through an in-court Chapter 11 proceeding.
The stock market is an predator / prey scenario where the Companies and their lenders are the predators and retail IS the prey. Play wisely!
