Ivanhoe Energy Is A Terminal Short
Safety In Value • 18 Comments
Safety In Value • 18 Comments
Jun. 3, 2015, 8:35 AM
- Ivanhoe Energy (NASDAQ:IVAN) says it is now bankrupt after failing to reach a viable restructuring proposal.
- Ivanhoe had filed for bankruptcy protection in February and had been working on restructuring options with its creditors; it had until June 1 to file its restructuring proposal after receiving an extension in early May.
- On top of sliding oil prices, Ivanhoe suspended an Alberta oil sands project due to regulatory hurdles, faced executive departures and had cut operations in Ecuador as talks with a partner to develop a heavy oil project stalled.
Feb. 20, 2015, 7:45 AM
- Ivanhoe Energy (NASDAQ:IVAN) says it will file for bankruptcy protection under Canada's Bankruptcy and Insolvency Act.
- While under BIA protection, IVAN says it will continue to pursue strategic alternatives, including restructuring its existing debt obligations and pursuing the sale of assets, and is actively engaged in discussions with various stakeholders to recapitalize the company.
- IVAN has struggled to make interest payments on its debts and recently received a $2.37M bridge loan from Friedland.
- Shares halted; will resume at 8:00 ET.
Feb. 17, 2015, 7:49 AM
- Ivanhoe Energy (NASDAQ:IVAN) says it received formal default notice relating to its inability to pay the interest on outstanding 5.75% convertible debentures due Dec. 31, 2014.
- The aggregate amount of the outstanding debentures is $73.3M, not including accrued and unpaid interest of $2.1M.
- IVAN also has lost two board members in recent days (I, II).
Dec. 12, 2014, 10:23 AM
- Ivanhoe Energy (IVAN -23.5%) says it could default on a cash interest payment of about C$2.1M due Dec. 31 on its outstanding convertible debentures, and is uncertain if it can raise additional financing.
- IVAN also says it is review strategic and financial options, including a possible sale of the company, a sale of a portion of its assets, recapitalization, debt restructuring or some combination, to repay debt and fund operations.
Oct. 30, 2014, 5:40 PM
- Ivanhoe Energy (NASDAQ:IVAN): Q3 EPS of -$5.70
Oct. 10, 2014, 5:24 PM
- Ivanhoe Energy (IVAN -16.1%) says its working capital has been augmented by a $2.2M secured bridge loan provided by founder and executive co-chairman Robert Friedland.
- Concurrent with the advancing of the loan, Friedland has resigned as executive co-chairman and as a director of the company; he remains IVAN's largest shareholder, with a 16.8% stake.
Sep. 15, 2014, 3:58 PM
- Ivanhoe Energy (IVAN -6.3%) tumbles after saying its CFO, Greg Phaneuf, is leaving to accept a role with another, unidentified company, effective Oct. 10.
- Phaneuf had held the CFO position only since June after nearly four years as a senior VP at the company.
Sep. 5, 2014, 12:49 PM
Sep. 2, 2014, 12:45 PM
Aug. 29, 2014, 5:15 PM
- Ivanhoe Energy (NASDAQ:IVAN) finished 55% higher today for no apparent reason, and the company stated it was unaware of any factors other than previously announced news that would explain why the stock soared on ~130x typical daily volume.
- IVAN pointed to Wednesday's news confirming its intention to engage in a new services contract to develop the Block 20 oilfield development project in Ecuador, but shares had gained only ~8% in the following two days.
- Despite today's move, shares are -47% YTD.
Aug. 29, 2014, 12:45 PM
Aug. 27, 2014, 12:18 PM
- Ivanhoe Energy (IVAN +2.7%) confirms it will take part in a consortium to develop heavy oil at Block 20, located in Ecuador's Amazon basin.
- IVAN says it reached agreement with Ecuador's government to terminate the contract under which it has been operating as a step toward entering into a new service contract with a consortium consisting of IVAN and one of the world's largest national oil companies, which has experience working in Ecuador.
- The Pungarayacu oil field, which includes Block 20, contains ~4.5B barrels of heavy crude.
Aug. 18, 2014, 12:46 PM
Aug. 14, 2014, 12:49 PM
- Ivanhoe Energy (IVAN -4.6%) says it will proceed with a 7:1 share consolidation to regain compliance with NASDAQ listing requirements, after 82% of shareholder votes supported the move.
- The consolidation is intended to establish the basis for IVAN shares to trade above $1; the move will reduce the number of outstanding common shares to ~16.4M from ~114.8M.
Aug. 11, 2014, 5:26 PM
- Ivanhoe Energy (NASDAQ:IVAN): Q2 EPS of -$0.09
Jul. 18, 2014, 11:57 AM
- Ivanhoe Energy (IVAN -14.6%) plunges after asking its shareholders to consider consolidation of its shares to preserve its Nasdaq listing.
- IVAN is scheduling a special meeting Aug. 13 to determine the matter; it says there may be other alternatives that would permit the company to regain compliance but there is no assurance such alternatives would be available in a timely manner.