Nighthawk Energy Files for Bankruptcy in Delaware
May 01 2018 - 3:27AM
Dow Jones News
By Oliver Griffin
Nighthawk Energy PLC (HAWK.LN) said Tuesday that it has filed
for chapter 11 of the U.S. Bankruptcy Code in Delaware along with
its subsidiary, Nighthawk Royalties LLC, after it defaulted on a
loan last month.
On April 19, the oil-and-gas company received a default notice
from the Commonwealth Bank of Australia (CBA.AU) regarding a loan
with a principal balance of $21.3 million, subjecting it to
possible asset foreclosures.
The company said it has entered into a non-binding letter of
agreement with an investment banker to explore selling one of its
assets either on or before June 1, the maturity date of its credit
agreement with the CBA.
Nighthawk Energy said that as a result of the bankruptcy filing,
its shares will be suspended as of 0730 BST (0630 GMT).
The company said it remains open to discussions with its major
stakeholders regarding a possible alternative proposal for
restructuring the CBA loan and the recapitalization of the
company.
Write to Oliver Griffin at oliver.griffin@dowjones.com
(END) Dow Jones Newswires
May 01, 2018 03:12 ET (07:12 GMT)
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