Brief: Abraxas - On April 12, 2021, Morgan Stanley Capital Group Sent Notice Of Events Of Default, Early Termination With Respect To Hedging Contracts

Abraxas Petroleum

22/04/2021 23:19

April 22 (Reuters) - Abraxas Petroleum Corp  AXAS.O :
    * ABRAXAS -  ON APRIL 12, 2021, MORGAN STANLEY CAPITAL GROUP
SENT
NOTICE OF EVENTS OF DEFAULT, EARLY TERMINATION WITH RESPECT TO
HEDGING CONTRACTS
    * ABRAXAS PETROLEUM CORP - IN DISCUSSION WITH LENDERS
SEEKING
ADDITIONAL FORBEARANCE, WAIVERS OR AMENDMENTS TO COVENANTS OF
REVOLVING CREDIT FACILITIES
    * ABRAXAS - DO NOT ANTICIPATE THAT WE WILL MAINTAIN
COMPLIANCE
WITH SECOND LIEN CREDIT FACILITY TOTAL LEVERAGE RATIO COVENANT
OVER NEXT 12 MONTHS
    * ABRAXAS PETROLEUM CORP - INTEND TO ENTER INTO AN AGREEMENT
WITH
OUR REMAINING SWAP COUNTERPARTY FOR TERMINATION OF ALL OF OUR
HEDGING CONTRACTS
    * ABRAXAS PETROLEUM CORP - ON APRIL 16, RECEIVED NOTICE OF
DEFAULT
FROM ANGELO GORDON STATING THAT WE HAVE DEFAULTED UNDER SECOND
LIEN CREDIT AGREEMENT

Source text for Eikon: [https://bit.ly/3gKjSq7]
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