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Archive for the ‘Linn Energy’ Category

Linn Energy skips interest payment

Oil and gas producer Linn Energy LLC said it planned to skip interest payments on some of its senior notes due on Friday, after making bond payments that were deferred last month.

Linn Energy and its unit, Berry Petroleum Co LLC, planned to skip interest payments of a total of $58 million, due Friday and May 1, kicking off a 30-day grace period, the company said in a statement.

A Linn Energy bankruptcy may be unavoidable, after flagging substantial doubt about its ability to continue as a going concern.

Linn Energy Bankruptcy May Be Unavoidable, Investor Losses Loom

Linn Energy LLC warned Tuesday that a chapter 11 bankruptcy filing may be “unavoidable” for the oil and gas producer.

The company said it has hired financial and legal advisers “to address our liquidity and capital structure, including strategic and refinancing alternatives through a private restructuring,” but added that bankruptcy may be its only option.

The warning in the company’s financial statement came alongside an announcement that it would skip $60 million in interest payments on bonds maturing in 2021 and 2022 and would enter a 30-day grace period. If the interest isn’t paid within the grace period, Linn could trigger a default.

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