real-time news and commentary for investors
Friday, Aug 16
Lone Pine fails to make interest payment on senior notes
- Lone Pine Resources (LPR -39.5%) says it elected not to make the ~$10.1M semi-annual interest payment due on Thursday on its outstanding 10.375% senior notes due 2017.
- LPR says it is focused on addressing its liquidity and talks with noteholders are continuing.
- A failure to restructure or refinance its debt likely would result in insufficient liquidity to fund its operations, meet its financial obligations and continue as a going concern.