S&P Downgrades Warren Resources (WRES) to 'D' Amid Missed Interest Payment
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Warren Resources (WRES) Won't Make $7.5M Interest Payment on Notes; Not Immediate Default Event
February 1, 2016 7:28 AM ESTWarren Resources, Inc. (Nasdaq: WRES) announced that it has elected not to make the approximately $7.5 million semi-annual interest payment due February 1, 2016 on its outstanding $167.3 million aggregate principal amount of 9.00% Senior Notes due 2022 (the Notes), although it currently has sufficient liquidity to make the interest payment in full.
Failure to pay this interest amount on February 1 is not immediately an event of default under the indenture governing the Notes, but would become an event of default if the payment is not made... More
Warren Resources defers $7.5 million interest payment due Monday
February 1, 2016 7:26 AM EST(Reuters) - Oil and gas producer Warren Resources Inc (NASDAQ: WRES) said it would defer a $7.5 million semi-annual interest payment due on Monday in an attempt to reach a deal with its creditors that will help it improve its capital structure.
The... More
